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2019 ANNUAL REPORTHiddn Solutions ASATable of Content 02 Board of Directors report 05 Consolidated Financial Statements 30 Hiddn Solutions ASA Financial Statements 39 Responsibility statement 41 Corporate

How to fill out consolidated financial statements

How to fill out consolidated financial statements

1. Gather financial statements from all subsidiaries and parent companies.
2. Ensure all financial statements are prepared on the same accounting basis.
3. Eliminate intercompany transactions and balances to avoid double counting.
4. Combine the income statements by adding revenues and expenses from all entities.
5. Combine the balance sheets by adding assets, liabilities, and equity from all entities.
6. Adjust for any non-controlling interests if applicable.
7. Prepare the consolidated statement of cash flows if required.
8. Review and finalize the consolidated financial statements for accuracy.

Who needs consolidated financial statements?

1. Publicly traded companies seeking to provide transparency to investors.
2. Parent companies that own multiple subsidiaries to assess overall financial health.
3. Stakeholders, including creditors and analysts, evaluating the financial position of a group.
4. Regulatory authorities that require consolidated financial reporting.
5. Mergers and acquisitions assessors for evaluating potential investments.

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What is consolidated financial statements?

Consolidated financial statements are financial statements that present the financial position and results of operations of a parent company and its subsidiaries as a single entity.

Who is required to file consolidated financial statements?

Generally, publicly traded companies and parent companies that have control over one or more subsidiary companies are required to file consolidated financial statements.

How to fill out consolidated financial statements?

To fill out consolidated financial statements, gather individual financial statements from the parent company and its subsidiaries, eliminate intercompany transactions and balances, and combine the financial data into a single report.

What is the purpose of consolidated financial statements?

The purpose of consolidated financial statements is to provide a comprehensive overview of the financial health of the entire corporate group, rather than just individual segments, facilitating better decision-making by investors and stakeholders.

What information must be reported on consolidated financial statements?

Consolidated financial statements must report the assets, liabilities, equity, revenues, and expenses of the parent and all subsidiaries, along with notes detailing significant accounting policies and transactions.