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What to consider before your group consolidation

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When it’s time for group consolidation, there are a few things to keep in mind. In order for your consolidation to be as smooth as possible and provide the right basis for you, your board and management, it can be easier to have thought about certain things before you get started.

“It is easy to do group consolidation at the wrong level, not to take into account those who will take part in the information and what it really needs to contain in order to create the right value. You want to achieve a perfect result and therefore devote much more time to group consolidation than you really have. Instead, take a step back and consider whether the time required justifies the value, says John Valfridsson – founder of Insiktsekonomen and specialist in group consolidation.

Before your group consolidation, it can be good to:

It may also be useful to consider what is really material to your consolidated financial statements. Is there anything that will not have or have sufficient effect on accounting and risks taking more working time than it will benefit? How will the data you produce affect your organization’s decisions? Will the data you bring be used?

Dare to take a position on what is actually needed and what deviations may need to be made. Try to find the right balance between detail and time. Think about who you’re doing this for, what information is most important to get out, and what things don’t actually need to be included.

Webinar: How to succeed with your group consolidation

John Valfridsson

More about John Valfridsson

John has a master’s degree in economics and after his studies worked as an accountant at Ernst & Young (“EY”) in Stockholm. He became a chartered accountant at the age of 22 and then worked for a number of years as an accounting specialist at the internationally fast-growing group Snow Software. Today he works as a finance manager at Fort Knox Storage and also runs the Insight Economist; a consulting firm that offers qualified advice in finance – and group consolidation specifically.

John has worked practically with group consolidation for the past seven years and has throughout his career worked with companies that prepare consolidated financial statements. Thanks to his experience from different accounting standards and groups of different sizes, he has a good understanding of many of the most common problems that CFOs encounter in connection with their consolidated financial statements.

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