Essential steps for presenting consolidated financial statements under international accounting standards

Abstract

International accounting standards are applied widespreadly in the world. Applying International accounting
standards to present consolidated financial statements has created reliable information for user in nowadays
integration. Presenting group’s consolidated financial statements have to comply with many accounting
complicated regulations. Within the scope of the paper, the main focuses on analyzing regulations of international
accounting standards: determining whether an entity is a parent shall present consolidated financial statements
and exceptions; assessing controls; consolidation procedures as offset the parent’s investment in each subsidiary
and the parent’s portion of equity of each subsidiary; non-controlling interests. From analyzing of sensible new
regulations about exceptions; assessing controls the paper suggests two solutions to improve the Vietnam
accounting standard