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Internally, the parent is free to treat the subsidiary as a completely separate entity, but it must consolidate its finances in statements prepared for outside observers, such as banks, regulators and potential investors.

To summarize and report results from separate worksheets, you can consolidate data from each into a master worksheet.

Therefore, shouldn't they be reversed on 1-1-2014? In some cases you've got to carry forward and eliminate the currency adjustments; you've got to keep a record of the reconciling balances for the interco accounts; etc.

My understanding from what you've said is that perhaps the Auditors recommended the adjustments in the Parent's books?

It depends on the nature of the adjustment; if it goes to a real adjustment account that you track, then you should leave it, as you'll need to keep making that adjustment as it changes.

There may be amalgamations, either by transfer of two or more undertakings to a new company, or to the transfer of one or more companies to an existing company".

A parent company can acquire another company by purchasing its net assets or by purchasing a majority share of its common stock.

Regardless of the method of acquisition; direct costs, costs of issuing securities and indirect costs are treated as follows: Treatment to the acquiring company: When purchasing the net assets the acquiring company records in its books the receipt of the net assets and the disbursement of cash, the creation of a liability or the issuance of stock as a form of payment for the transfer.

Treatment to the acquired company: The acquired company records in its books the elimination of its net assets and the receipt of cash, receivables or investment in the acquiring company (if what was received from the transfer included common stock from the purchasing company).

Consolidated financial statements are required when there are two or more affiliated companies.