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My intention in starting this book was to write a second edition of an earlier book I wrote, Consolidated Financial Statements: Concepts, Issues and Techniques (Paul Chapman Publishing, 1987). It soon became apparent that the area had changed so radically in the last eight years that a complete rewrite was necessary, and hence this new book has been born (or rather quarried!). It has the same objectives as the previous one, 'to facilitate an understanding of the technical processes underlying consolidation and group financial reporting within the context of contemporary accounting theory and practice'. Consolidated financial reporting is often viewed as a mere technical exercise. It is. | CONSOLIDATED FINANCIAL REPORTING PAUL TAYLOR CONSOLIDATED FINANCIAL REPORTING by P A Taylor The Management School Lancaster University p-c-p Paul Chapman Publishing Ltd Dedication To the students I teach. May we always understand that teaching and learning take place in both directions. Copyright 1996 Paul Taylor All rights reserved Paul Chapman Publishing Ltd 144 Liverpool Road London N1 1LA Apart from any fair dealing for the purposes of research or private study or criticism or review as permitted under the Copyright Designs and Patents Act 1988 this publication may be reproduced stored or transmitted in any form or by any means only with the prior permission in writing of the publishers or in the case of reprographic reproduction in accordance with the terms of licences issued by the Copyright Licensing Agency. Inquiries concerning reproduction outside those terms should be sent to the publishers at the abovementioned address. British Library Cataloguing in Pubication Data Taylor P. A. Paul A. Consolidated financial reporting. - Rev. ed. 1. Business records 2. Financial statements Consolidated I. Title II. Consolidated financial statements 658.1 5 12 ISBN 1 85396 250 3 Published in the USA and Canada by Markus Wiener Publishers 114 Jefferson Rd Princeton NJ 08540 ISBN 1-55876-139-X Typeset by Anneset Weston-super-Mare Avon Printed and bound in Great Britain BCDEFGH .