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Consolidated financial statements are an essential part of the accounting process for group companies. This key information provides perspective on the entire business, something that is often lost when looking only at figures for the parent or a single subsidiary. Does IFRS require consolidated financial statements? Overview. IFRS 10 ConsolidatedRead More →

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A cash basis accountant would debit the expense and credit cash in the period when the bill is paid. An accrual basis accountant would debit a prepaid expense asset account in the current period and credit cash. What type of companies use cash-basis accounting? Revenue procedure 2000-22 allows any companyRead More →