What are the standards that govern the preparation of the consolidated financial statements 2015/2016?

For the fiscal year 2015/2016, the preparation of consolidated statements must adhere to both International Financial Reporting Standards and Generally Accepted Accounting Principles. Both sets of standards govern how companies should present their financial information within a certain period. This ensures consistency and clarity in reporting.

Specifically, the IFRS requires companies to provide an “entity” view of their operations which includes all subsidiaries, joint ventures, and associates that are part of their consolidated group. This allows for an accurate representation of each entity’s performance within its overall financial statement presentation. In addition, GAAP mandates that companies present non-controlling interest information separately from the parent company to provide clarity when making investments or assessing risks associated with specific investments.

These standards allow companies to ensure their financial reports accurately represent their operations, while providing reliable information for investors and stakeholders about their progress over time.