When the fiscal periods of the parent and its subsidiaries differ,we prepare consolidated statements for and as of the end of both the parent's and the subsidiary's fiscal period.

Question

Quizplus · Accepted Answer

Consolidated financial statements are typically prepared using the parent company's fiscal period, and adjustments are made for significant transactions or events that occur in the subsidiary's differing fiscal period that materially affect the financial statements.

When the Fiscal Periods of the Parent and Its Subsidiaries