What are the standards that govern the preparation of the consolidated financial statements 2015/2016?

The preparation of consolidated financial statements for the 2015/2016 fiscal year must abide by the standards issued by both International Financial Reporting Standards (IFRS) as well as Generally Accepted Accounting Principles (GAAP). These two sets of rules govern how businesses should report their financial activities within a given period, ensuring consistency and transparency in reporting.

Specifically, the IFRS requires companies to provide an “entity” view of their operations which includes all subsidiaries, joint ventures, and associates that are part of their consolidated group. This allows for an accurate representation of each entity’s performance within its overall financial statement presentation. Additionally, GAAP requires companies to present information about non-controlling interests separately from that of the parent company in order to ensure clarity around ownership structure when making investment decisions or assessing risk associated with certain investments.

By adhering to these standards companies can ensure that their financial statements accurately reflect their business operations while also providing investors and other stakeholders with a reliable source of information regarding their performance over time.