Consolidated Financial Statements (Consolidated Accounts: Group Accounts; Group Financial Statements)
The financial statements of a group of companies obtained by *consolielation. These are required by the Companies Act and Financial Reporting Standard 2, ‘Accounting for Subsidiary Undertakings. The information contained in the individual financial statements of a group of undertakings is combined into consolidared financial statements, subject to any consolidation adjustments. The consolidated accounts must give a true and fair view of the profit or loss for the period and the state of affairs as at the last dayof the period of the undertakings included in the consolidation. Subsidiary undertakings within thegroup may be excluded from consolidation, and the parent company itself may be exempt from preparing consolidated accounts.
