Genesis and Development of Consolidated Financial Statements

In the context of economy globalization it is the mission of consolidated financial statements to meet demands of users for financial information about activities of a company group as one company. The article is devoted to study of genesis and development of consolidated financial statements of companies. Historical prerequisites of genesis of consolidated financial statements are shown as well as factors which conduced to their spreading. The approaches are elucidated to preparation of consolidated financial statements in various countries. It is found out that one of the main issues in forming of consolidated group is determination of control rate. In this connection influence of control is studied on consolidation method of company statements. The factors are identified which conduced to development of consolidated financial statements. To author’s opinion, availability of big private business, developed financial market and different information demands broadens the range of users of company consolidated financial statements, which determines the need to improve organizational and methodological grounds for preparation of such statements.