accounts used in relation to the activities of a group of companies to the effect that duplications in items are eliminated so that the combined figures do not show more assets and equity than actually exist.
The Deputy Speaker, Honourable Lasun Yusuf, however, emphasised the need to understand the source of the fund, saying that there was a need to understand the Federation Account and Consolidated Account so that in near future there is no eyebrow on such approval.
The regulations that must be taken into account in complying concern are: the presentation of the consolidated accounts under a comparative form and the achievement of the correspondence between the information carried out by various documents.
It proposes to allow, rather than require, all firms to account for financial instruments at fair value, instead of the more traditional historical cost, in both their annual and consolidated accounts.
Users may access all or part of a report, and reports more than 25 pages are accessible by specific sections according to subjects such as Letter of the Chairman, Financial Highlights, Consolidated Accounts, and more.
Accounting Standards Board, AASB 1024, Consolidated Accounts, paragraph 9, defines control as: "The capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity.