What are consolidated financial statements?

The parent company can decide to include the financial statements of its subsidiaries in its own financial statements. These combined financial statements are called consolidated financial statements. The subsidiary then, regardless of its size, only has to draw up a balance sheet and a (unspecified) profit and loss account. To exercise this right, the parent company has to register a so-called ‘403-declaration’ with the Chamber of Commerce. When the ‘403-declaration’ has been registered, the parent company will be jointly and severally liable for the debts of the subsidiary.

Related Questions

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The requirements for the financial statements depend on the size of the company.
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