Consolidation

All topics related to IFRS Standards.
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jkaueb
Posts: 5
Joined: 06 Jun 2022, 21:39

Consolidation

Post by jkaueb »

When we consolidate financial statements, do we need to do journal entries ? I personaly think that if we think of the fair value adjustments, having in mind, that all these are in fact recorded in the double entry accounting system, it helps to identify the accounts that will be changed or modified. What do you think ?
JRSB
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Posts: 1308
Joined: 01 Mar 2020, 01:10
Location: UK

Re: Consolidation

Post by JRSB »

Yes and you may need a separate ledger/account for consolidation adjustments because there are journals/adjustments that only exist at consolidated level.
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