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Consolidated financial statements are financial statements that present the assets, liabilities, equity, income, expenses and cash flows of a parent and its subsidiaries as those of a single economic entity.
The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
Disclosure requirements allow media and public to examine campaign funding. These requirements allow interested parties, such as the media and the public, to examine records otherwise hidden from them. The result is closer scrutiny of facts and figures and of the relationships between political actors.
IFRS public company complianceThe aim of IFRS is to provide a globally recognised structure for the preparation and disclosure of a public company's financial statements. Rather than setting industry-specific rules for reporting, IFRS provides general guidance on financial statement preparation.
Other disclosurescomparable carrying amounts.description of how fair value was determined.the level of inputs used in determining fair value.More items...