CONSOLIDATED FINANCIAL STATEMENTS AND THEIR

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Keywords. consolidation, consolidated financial statements, control over the capital, head organization, subsidiary, factual value. Introduction

CONSOLIDATED FINANCIAL STATEMENTS AND THEIR
THEORETICAL FOUNDATIONS
Kholmurodov Otabek
Karshi Engineering and Economics Institute,
senior lecturer
Abstract.
In the article the theoretical foundations of consolidated financial
reporting, its application, standards governing the formation and presentation of
consolidated financial statements, control over capital and the degree and order of its
impact.
Keywords.
consolidation, consolidated financial statements, control over the
capital, head organization, subsidiary, factual value.
Introduction
An important role is played by ensuring the integration of our country into the
world community and harmonizing national practice with international standards in
further strengthening this process.
Decree of the President of the Republic of Uzbekistan dated October 27, 2020
"On measures to accelerate the reform of state enterprises and privatization of state
property" [1] Resolution PF-6096 "On additional measures for the transition to
international financial reporting Standards" [2], approved on February 24, 2020 No.
PP-4611, tasks such as providing foreign investors with the necessary information
environment and expanding access to international financial markets by accelerating
the transition to international financial reporting standards.
With the development of IFRS, the preparation of consolidated financial
statements has become a common practice. Company group reports allow interested
users to access information about multiple organizations as if they were one business
entity. The first, consolidated reporting, was created in US companies at the
beginning of the 20th century. According to sources, the first annual report was
compiled by General Electric in 1893 and included only the data of the parent
company, while the second report was a consolidated financial statement. Here is

303
the report of profit and loss is reflected in the data and receipts of all companies of
the group[3].
On March 12, 1903, U.S. Steel first published its consolidated financial
statements as of December 31, 1902, with Price Waterhouse & Co. concluding that
the report had been "verified and approved." this report was recognized as a
"complete and understandable report" [5]

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