Consolidated financial statements - issues concerning professional judgement

Author:Univ. Lecturer PhD. Cosmina PITULICE

JEL:

DOI:

Keywords:fair value, revaluation decision, consolidation process, explanatory notes

Abstract:
Financial statements, either separate or consolidated, have to disclose information helpful to users when assessing company’s or group’s financial position and performance. This information is the result of the professional judgement of financial statements’ preparers. \r\n\r\nConsolidated reports issued by groups need professional judgement even more than separate financial statements, since no regulation provides specific information regarding, for example, establishment of consolidation perimeter, accounting policies to be used at group level or content of notes to consolidated financial statements.\r\n

---