304
Compilation of consolidated financial statements Many large companies prepare
consolidated financial statements taking into account the enterprises that are part of
them, but the lack of consideration of modern consolidation mechanisms in their
preparation makes the real situation of this group of companies invisible. The IFRS
consolidated report is a separate component of the financial statements and has
special requirements.
According to economist SN Tashnazarov, there is a growing need to transform
financial statements, in particular, consolidated financial statements in accordance
with IFRS [8].
The experience of other countries shows that in the effective management of
enterprises, it is more appropriate to create them in large groups. In this case, two or
more companies merge financially and economically under one company or financial
groups. In the event of a merger of a group of business entities under the control of
the parent, a consolidated financial statement is prepared. The main purpose of the
consolidated financial statements is to fully disclose the results and financial position
of the corporation [9].
