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Management is responsible for the fair presentation of financial statements and therefore may find other approaches more appropriate for its specific circumstances.The Example Financial Statements have been updated to reflect changes in IFRSs that are effective for the year ending 31 December 2015.You can then proceed to eliminate some of the entries in the unit-specific financial statements that cannot be included in consolidated financial reports.

You should actually acknowledge that the transferred items merely switched premises and not ownership.Consolidated financial statements consist of the income statement, balance sheet and cash flow statements of a parent company and the subsidiaries under its ownership or administrative control.When preparing consolidated financial statements, you must eliminate some entries to avoid duplicating or overstating financial data.Maintaining such accounts payable and receivable in the consolidated financial statement would be as good as saying that the group owes itself money, a situation that is practically unrealistic.Eliminate inter-company investments -- that is, is the parent’s shareholding stakes in the subsidiaries.

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