Consolidating foreign subsidiaries ifrs
In case of a change, the reasons for this change and its effect on the financial position must be disclosed in the notes.
Virtually every corporate entity has the obligation to register itself in the Trade Register of the Chamber of Commerce and to publish certain financial data on an annual basis.
The accounting principles must be set out in the financial statements.
These principles, once implemented, may only be changed if there are good reasons for such a change.
The value of the assets and net revenue and the number of employees of subsidiaries and group companies that qualify for consolidation should be included as well.
In order to qualify for the medium or large categories, at least two of the three criteria must be met in two successive years.
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Please note that if the shareholders are also the managing directors of the entity, the approval date of the financial statements by the managing directors would be automatically the adoption date by the shareholders.