Consolidating balance sheet
The multi-currency consolidated group is then created in a few seconds and it will appear as a new company on the ‘My Companies’ page.
The financials for each company in the group, will have been translated to the selected presentation currency.
In response to concern about this practice, FASB issued Interpretation no.
46 in January 2003 and a revised version in December 2003 to help companies decide whether to consolidate VIEs into their financial statements.
After consolidating, you should review the KPIs, targets and alerts and set them accordingly for the consolidated group.
All the reports that you are familiar with in a single company are also available for a consolidated group.
There are additional features to be aware of in a consolidated group.Note: each company can have a different Chart of Accounts.And consolidated groups can include companies sourced from different accounting systems.A VIE’S PRIMARY BENEFICIARY TYPICALLY IS ABLE to make decisions about the entity and share in profits and losses.The primary beneficiary is the reporting entity, if any, that receives the majority of expected returns or absorbs the majority of expected losses.
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Multi-Currency Consolidation In addition to standard consolidated reporting, Fathom enables consolidated group reporting for entities with different currencies.