CONSOLIDATED FINANCIAL STATEMENTS

MOST ACCOUNTING EXAMINATIONS, WHETHER AT UNIVERSITY OR PROFESSIONAL LEVEL, EXPECT CANDIDATES TO BE CONVERSANT WITH THE ACCOUNTING REQUIREMENTS OF INTERNATIONAL ACCOUNTING STANDARDS (IAS, NOW KNOWN AS IFRS) ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE (IASC, NOW KNOWN AS IASB). THE MAIN REASON FOR THIS IS THE INTERNATIONALISATION OF BUSINESS OPERATIONS, AS A RESULT OF WHICH, IT HAS BECOME INCREASINGLY NECESSARY TO HARMONISE INTERNATIONAL ACCOUNTING PRACTICES. THE OTHER REASON APPEARS TO BE LINKED TO AN INCREASING WORLD-WIDE USE OF INTERNATIONAL ACCOUNTING STANDARDS. THIS TITLE DEALS WITH THE FINANCIAL ACCOUNTING TECHNIQUES REQUIRED TO COMPILE CONSOLIDATED FINANCIAL STATEMENTS COVERING THE OPERATIONS OF AN ENTERPRISE THAT HAS A SUBSIDIARY OR SUBSIDIARIES AND/OR ASSOCIATED COMPANIES UNDER ITS CONTROL. THESE TECHNIQUES ARE DISCUSSED AND DEMONSTRATED IN THE LIGHT OF THE REQUIREMENTS OF THE RELEVANT INTERNATIONAL ACCOUNTING STANDARDS; THESE ARE IAS27, IFRS3 AND IAS28.