IMPROVING THE METHODOLOGY FOR PREPARING CONSOLIDATED FINANCIAL STATEMENTS IN CORPORATE GROUPS
Abstract
The article examines methodological issues in the preparation of consolidated financial statements in corporate groups, with particular emphasis on the consolidation perimeter, the control concept, intragroup elimination procedures, goodwill, intangible assets, investments, non-controlling interests, foreign subsidiary translation, and digitalization of consolidation processes. The study is based on the dissertation materials devoted to the improvement of consolidated financial reporting methodology and uses systematic, comparative, economic-statistical, modelling and regulatory analysis methods. The article argues that consolidated financial reporting should not be treated as a mechanical aggregation of individual financial statements, but as a complex transformation process that converts separate entity-level data into information about the group as a single economic entity. The research proposes a multi-criteria model for determining the consolidation perimeter, a staged algorithm for eliminating intragroup transactions, a mapping register for harmonizing accounting policies, an improved model for recognizing and testing goodwill and intangible assets, and a risk-based digital mechanism for enhancing the transparency and reliability of consolidated reports. Practical results are illustrated using the context of Uzbekistan’s joint-stock companies and the Uzavtosanoat-UzAuto Motors corporate group.