FESA CONSOL

FlexSystem

Differing Financial Year End Dates

Issues

When preparing consolidated financial statements all subsidiaries and associates of a group company shall prepare their financial statements with the same financial year end date. As a result some of those companies may have to undertake additional work when their financial year end dates differ from the parent company.

  

Expectations

Transformation of financial statements with different financial year end dates is a laborious and tedious task and one expects that the work can be performed by the system automatically.

  

Solutions

FESA Consol has a built-in mechanism offering specific data transformational services to consolidate any financial statements that have a different financial year end date.

  

Benefits

The system can offer responsive support for decision making as the preparation of consolidated financial statements is no longer delayed by the effect of different financial year end dates.