Statutory accounts (annual financial statements) · Concepts

Roles that need it

Consolidation (group accounts)Consolidation combines the financial statements of a parent and the entities it controls into one set of group accounts, as if they were a single economic entity. Intercompany balances and transactions are eliminated, and non-controlling interests are shown separately. IFRS 10 defines control.
External audit (statutory audit)An external audit is an independent examination of an entity's financial statements by a registered statutory auditor, ending in an audit opinion. EU law sets auditor independence, rotation for public-interest entities such as banks and insurers, and the content of the audit report.
Audit opinionThe audit opinion is the auditor's conclusion on whether financial statements give a true and fair view under the applicable framework. It can be unmodified (clean), qualified, adverse or a disclaimer. For public-interest entities the report also describes key audit matters.
Chart of accounts (CoA)The chart of accounts is the structured list of every account in the general ledger, with codes grouped into assets, liabilities, equity, income and expenses. Groups often map local accounts to a group chart for consolidation and reporting.

Updated 31 Oct 2026.