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Annual Community Benefit Plan CedarsSinai Medical Center Fiscal Year 2023 (July 1, 2022 June 30, 2023) Submitted to: Department of Health Care Access and Information Accounting and Reporting Systems

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How to fill out consolidated financial statements compliance

01

To fill out consolidated financial statements compliance, follow these steps:

02

Gather all the financial statements of the subsidiary companies that need to be consolidated.

03

Identify any intercompany transactions between the subsidiary companies and eliminate them from the financial statements.

04

Adjust the subsidiary companies' financial statements to conform to the parent company's accounting policies and standards.

05

Calculate the consolidated financial figures by combining the adjusted financial statements of the subsidiary companies.

06

Prepare the consolidated balance sheet by adding up the assets, liabilities, and equity of the subsidiary companies.

07

Prepare the consolidated income statement by summing up the revenues, expenses, gains, and losses of the subsidiary companies.

08

Disclose any non-controlling interests in the consolidated financial statements.

09

Review the consolidated financial statements for accuracy and completeness.

10

Obtain necessary approvals and certifications, if required.

11

File the consolidated financial statements compliance with the appropriate regulatory bodies.

Who needs consolidated financial statements compliance?

01

Consolidated financial statements compliance is needed by:

02

- Parent companies with subsidiary companies

03

- Publicly traded companies

04

- Companies that are required to report financial results to regulatory bodies

05

- Companies that want to provide a comprehensive view of their financial position to stakeholders

06

- Companies involved in mergers, acquisitions, or joint ventures

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What is consolidated financial statements compliance?

Consolidated financial statements compliance refers to the adherence to accounting standards and regulations that require a parent company to present the financial position and performance of itself and its subsidiaries as a single entity.

Who is required to file consolidated financial statements compliance?

Typically, public companies and larger private companies that have control over one or more subsidiary companies are required to file consolidated financial statements.

How to fill out consolidated financial statements compliance?

To fill out consolidated financial statements, gather financial data from the parent and all subsidiary companies, eliminate inter-company transactions, and prepare consolidated financial statements including the balance sheet, income statement, and cash flow statement.

What is the purpose of consolidated financial statements compliance?

The purpose is to provide a clear and accurate financial picture of the entire corporate group, reflecting the total resources, liabilities, and operational results of the parent and its subsidiaries.

What information must be reported on consolidated financial statements compliance?

Consolidated financial statements must report total assets, total liabilities, total equity, revenues, expenses, and cash flows for the entire group.

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