Consolidation of the financial statements in the process of economy transformation in the Slovak Republic

This paper is focused on presentation of the consolidation of financial statements in as such way, which allows to compare the consolidation procedures under the provision of the 8(th) Directive of the EU against the consolidation approach prescribed in the IAS's. The main focus of this paper is to put on an analysis of how the respective consolidation procedures are able to provide the preparer of financial statements with a possibility of affecting the structure of the consolidation group, structure and the content of the financial statements, and (mainly) the way of how the consolidated profit or loss for the reporting period is presented. As a result of the accession process to the EU, Slovak will enforce the IAS/IFRS's for the group accounts as of the January 1(st), 2005.