Consolidated financial statement refers to the combined financial statement of the parent company as well as its subsidiaries. It is usually prepared by the auditor of the company, and is extremely useful for understanding the financial performance of the company. It should be very carefully constructed, and the individual financial statement and the financial statements of the group, should be minutely tallied and prepared.
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Sample Consolidated Financial Statement:
GKB Clothing House’s consolidated financial statement for the term January 2010 to January 2011.
Name of the parent company: GKB Clothing House Pvt. Ltd.
Statement prepared by: Mr. David Watson, Certified Public Accountant.
Purpose: This consolidated financial statement is prepared to test the financial position of the parent company and its subsidiaries, and to get a suitable report from the auditor.
Sales cost -8,202,887
Gross profit 312031
Operating income 69987
Other operating income 236,997
Interest expenses -2769
Profit from operations 304,215
Share of associate’s profits 58,004
Finance income 43,977
Costs of finance -11021
Total profit before taxes 90960
Expenses of income tax -116,989
Profit for the term from continuing operations 665,989
Operations those are discontinued -221,748
Total profit for the term 887,549
Amount attributed to:
Subsidiary companies 110,200
Loan firms 1200
Diluted Earnings 8990
*all figures are in US Dollar ($)
**Source: audited statements.
(Signature of auditor) (Signature of finance manager)
It is to be noted that the consolidated financial statement of the company is audited, and the reports are prepared accordingly. A report is attached herewith, for the perusal of the finance manager.