Generally speaking, all parent companies are responsible for the preparation of consolidated financial statements.

Question

Quizplus · Accepted Answer

Consolidated financial statements are prepared by the parent company to provide a comprehensive and accurate view of the financial position and performance of the entire group of companies, including subsidiaries, associates, and joint ventures. The parent company is responsible for consolidating the financial information of all the entities under its control, and presenting the consolidated financial statements to its stakeholders. Therefore, all parent companies are responsible for the preparation of consolidated financial statements.

Generally Speaking, All Parent Companies Are Responsible for the Preparation