ABSTRACT

Corporate governance needs accurate and timely information, which is formed in the system of accounting and reporting. A consolidated group of companies includes independent entities, which, in accordance with Russian law, must keep individual records and prepare individual financial statements. Although not all the groups are subject to the Federal Law of 27.07.2010 No. 208-FZ “The Consolidated Financial Statements”, enabling the development of the consolidated financial statements in accordance with IFRS, all the corporate forms of business organization are interested in gathering information that enables them to simulate economic activity as a single economic entity. In this regard, many groups decide to consolidate accounting and reporting information on a voluntary basis

for internal management purposes, developing the techniques of preparing the consolidated financial statements based on Russian and international experience, adapted to the activities of the group as well as to the accounting features.