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ELECTRIC MOBILITY CANADA FINANCIAL STATEMENTS DECEMBER 31, 2023ELECTRIC MOBILITY CANADA FINANCIAL STATEMENTS DECEMBER 31, 2023INDEX Independent Auditors\' ReportPAGE 13Statement of Financial Position4Statement
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Gather all financial information from all subsidiaries and parent company.
02
Eliminate intercompany transactions to avoid double counting.
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Prepare consolidated financial statements using the information gathered.
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Ensure all necessary disclosures are included as per accounting standards.
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Have the statements audited by a reputable audit firm.
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Shareholders and investors who want a clear picture of the overall financial health of the business.
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Potential lenders or creditors who need assurance on the financial stability of the company before extending credit.
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Audited consolidated financial statements are combined financial reports of a parent company and its subsidiaries that have been reviewed and verified by an external auditor to ensure accuracy and compliance with accounting standards.
Typically, publicly traded companies and other large entities with significant subsidiaries are required to file audited consolidated financial statements as part of their regulatory compliance.
To fill out audited consolidated financial statements, companies must gather financial data from all subsidiaries, consolidate them into a single set of financial statements, and then prepare them according to applicable accounting standards before submitting them for an audit.
The purpose of audited consolidated financial statements is to provide a clear and comprehensive overview of a company's overall financial position and performance, ensuring transparency and reliability for investors, stakeholders, and regulatory authorities.
Audited consolidated financial statements must report information such as the consolidated balance sheet, income statement, cash flow statement, changes in equity, and notes to the financial statements that provide additional context and details.
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