Consolidated statement of profit or loss and other comprehensive income
ID:CVCSP
Video Overview
A group of companies is formed when one company has a controlling interest in another company or companies, both of which have their own set of financial statements. These separate financial statements need to be combined into one set of financial statements as the group is see as one entity. These combined financial statements are called consolidated financial statements or group accounts. IFRS10 sets out the basic procedures to be followed when preparing consolidated financial statements. In this tutorial we will discuss the consolidated statement of profit or loss and other comprehensive income.
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