Authors: M. Kh. SHOGENOVA, candidate of economic sciences, associate professor, Kabardino-Balkaria State Agrarian University named after V. M. Kokov (1 Lenina Str., 360000, Kabardino-Balkaria, Nalchik; phone: 8 928 708-05-01; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.)
Keywords: IFRS, consolidated financial statements, financial results, company, users, accounting policies, investments, subsidiary capital.
Abstract: Business scaling, as a rule, leads large companies to transform an enterprise into a group of interrelated companies. A form of a holding commercial organization that is very common today is a business organization scheme that allows you to signifi- cantly expand corporate horizons, automatically avoid a number of management problems and significantly increase the eco- nomic productivity of companies. A distributed approach to the organization of a business is needed to divide the business into separate component blocks, each of which solves its task in the overall set of goals of the parent company of the group. Since such joint activities involve a large number of horizontal and vertical links, there is a need to properly account for and summarize joint economic activity. That is, information about the joint business and financial results of a group of companies should be a single information system that will help all stakeholders make the right management and economic decisions. It is here that the concept of generalized or consolidated financial statements arises, which is formed in distributed groups of companies to solve this problem. Today, Russian accounting can boast of its own provisions, which are 80 % compiled to meet the require- ments of IFRS. The remaining 20 % planned to translate into international standards until 2018. So that the companies keeping their records in accordance with international financial standards could form accurate financial statements, an IFRS 10 standard has been developed. The role played by consolidated financial statements in the accounting of modern parent and subsidiary companies, as well as how the IFRS 10 standard is applied in practice, is discussed in this article.
