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Consolidation Process
A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to figure it out for some time, the employee seeks assistance in gaining a better overall understanding of the way in which the consolidation process works. You have been asked to assist in explaining the consolidation process.
Question 1: Why must the eliminating entries be entered in the consolidation worksheet each time consolidated statements are prepared?
Question 2: How is the beginning-of-period non-controlling interest balance determined?
Question 3: How is the end-of-period non-controlling interest balance determined?
Question 4: Which of the subsidiary's account balances must always be eliminated?
Question 5: Which of the parent company's account balances must always be eliminated and why must they be eliminated?
Question 6: How might this process under a GAAP basis compare to that under an IFRS basis?
Question 7: Are there any ethical aspects that need to be addressed?
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