Doctor (PhD) Tovma Nataliya
Kazak National University named al-Farabi
Consolidated financial
statements and audit
Abstract. In this article are described current trends and the main methods of the
reporting funding, ways of development and improvement of audit of the
consolidated reporting, in justification of requirements to information
technologies of the reporting funding, in development of bases of a technique
of the organization of auditor verifications of the consolidated reporting
according to the international requirements, creation of an intra firm standard
on audit of the consolidated financial statements.
Key words: finance, consolidate reporting.
Establishing a context. With acceptance by the European union (EU - European Union, EU) decisions
on obligatory preparation by all companies of the consolidated reporting
registered at the EU stock exchanges according to IFRS (The International
Financial Reporting Standard - International Accounting Standards/International
Financial Reporting Standards, IAS/IFRS), since 2005, arose an imperative need
in training of people to language of financial statements of the future.
Novelty here not that new standards come in the stead old, and that the
reporting any more isn't the ethnic question differently solved in the
different countries. Language of financial statements of the future is an
international language.
Reviewing the literature. In modern domestic literature questions of drawing up of the
consolidated financial statements according to the legislation, GAAP of the
USA, to BBAR standards of Great Britain and IFRS are considered not in full. In
many references and periodicals discussions concerning advantages and the
shortcomings arising within reforming of registration system and its harmonization
with the international standards are. In
the course of research scientific works of the leading foreign authors who have
made the significant contribution to formation of conceptual and methodological
bases of preparation of the reporting of groups of companies according to IFRS,
among which B. Nidlz, M. Pauera, were used by River of J. Ekklz, Samyuel A.
Dipiaza, P. Pakter, K.Larsson, R. Auber, Claude and Zhill Lavabr, E.Giomar,
Mari-Zhann Morvan, Puasson. In the course of writing of the dissertation works
of the Russian authors, such as are used by A.M. Androsov, A.C. Bakayev,
M.A.Bakhrushina, I.E.Dymova, V. B. Ivashkevich, P.I.Kamyshanov, R. G. Kaspina,
V. V. Kovalev.
Establishing a research gap.
In modern domestic literature questions of drawing
up of the consolidated financial statements according to the Russian
legislation, GAAP of the USA, BBAR standards of Great Britain and IFRS are
considered not in full. In many references and periodicals discussions
concerning advantages and the shortcomings arising within reforming of the
Russian registration system and its harmonization with the international rules
are presented. However now in use theoretical and methodological approaches for
carrying out audit of the consolidated financial statements of the enterprises
and the organizations in the Russian Federation in a due measure don't recreate
all current trends operating abroad. Therefore the importance of implementation
of theoretical development in the field studying, need of their practical
introduction with a view of solution of problems of preparation and submission
of reporting information of groups of companies defined an urgency of the real
research, and also caused a subject, the purpose and problems of dissertational
work on the basis of which were defined a subject, methods and object of
research.
Stating the purpose. The
main objective of research consists in development of a technique of audit of
the consolidated financial statements.
Materials and Methods (Theoretical basis)
Methodology and research
technique. A methodological basis of research was the dialectic method of the
knowledge which main feature is the system and comprehensive approach to the
studied phenomenon. In the course of research also various methods of
scientific research were applied: supervision, comparison, ordering, method of
the analysis and synthesis of data. The technique of research was based on the
analysis of the domestic, foreign theory and practice of audit and research of
features of audit of the consolidated financial statements. A theoretical basis
of research were works of domestic and foreign scientists in the field of the
theory, methodologies and the organizations of audit, accounting and financial
management, scientific and methodical literature, periodicals, materials of
scientific conferences and seminars.
Results and discussion
• Results 1 - the reasons of
emergence of the consolidated financial statements are proved and opened.
• Results 2 - current trends
of formation and development of audit of the consolidated financial statements
in the and feature of its carrying out are revealed;
• Results 3 - the main
requirements of users of the consolidated financial statements, shown to groups
of companies concerning financial statements and abroad are systematized;
• Results 4 - the technique of
carrying out audit of the consolidated financial statements made according to
IFRS, in the form of the main auditor procedures is developed and introduced;
• Results 5 articles of the consolidated financial
statements which probability of distortions is raised are revealed, procedures
of check of such areas are developed;
• Results 6 - the intra firm
standard «Audit of the consolidated financial statements made on IFRS» is
developed;
• Results 7 mistakes in the course of drawing up of the
consolidated financial statements, and also a condition and the events
influencing accuracy and reliability of consolidated financial statements are
systematized.
This is due to retained earnings not being carried forward each period
from revenue and expense accounts in earlier periods. Because of this, it
is helpful for businesses that perform replacement consolidation to update the
consolidated accounts each period, not quarterly or annually as may be required
by the financial reporting requirements. This way the consolidated ledger
receives aggregate results for each accounting period, making them available
for management reporting and, as necessary, for consolidated financial
reporting.
CONCLUSION
FCRA applications can add significant
value to transaction systems such as ERPs. Financial reporting requirements
come from a variety of sources and can be complex; regulatory scrutiny has
never been higher. Stakeholders around the world are demanding more detailed
disclosures of both financial and nonfinancial information, including
sustainability metrics. There are various approaches to the consolidation and
reporting cycle, but FCRA solutions, with their purpose-built features, will
deliver the highest return on investment.
Packaged FCRA applications are typically used by finance teams to structure and
automate the monthly or quarterly aggregation of historical results and include
best-practice methodology.
REFERENSE
1. Alaksa L.A. CONSOLIDATE REPORTING. – New York,
Colombia University, 2010. - 30 p.
2. Scobara R. FINANCIANAL
REPORTING. - New York, Colombia University, 2009. - 50 p.
3. Sahariev K. REPORTING.
- New York, Colombia University, 2008. - 20 p.