What is financial statements in SAP EC-CS - Consolidation?

SAP Term: financial statements

• Component: EC-CS

• Component Name: Consolidation

• Description: Description of the business status of a company or group as of a certain key date. Financial statements are governed by statutory or internal regulations. The financial statements are made up of different statements. &EXAMPLE& In Germany, a financial statement according to the German Commercial Code HGB consists of a balance, profit and loss statement, and an annex. The financial statements should reflect a true view of the entity's asset, financial, and income situation at a specified point in time.

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• Key Concepts: 
  EC-CS Consolidation is a component of the SAP ERP system that enables companies to consolidate their financial statements. It allows companies to combine the financial statements of multiple subsidiaries into one consolidated financial statement. This helps companies to get a better understanding of their overall financial performance and make more informed decisions. 
  
  How to use it: 
  EC-CS Consolidation can be used to create consolidated financial statements from the individual financial statements of each subsidiary. The user can select the desired consolidation method, such as full consolidation or partial consolidation, and then enter the necessary data into the system. Once the data is entered, the system will generate a consolidated financial statement that includes all of the necessary information. 
  
  Tips & Tricks: 
  When using EC-CS Consolidation, it is important to ensure that all of the data entered into the system is accurate and up-to-date. This will help to ensure that the consolidated financial statement is accurate and reliable. Additionally, it is important to ensure that all of the subsidiaries are using the same accounting standards when entering their data into the system. 
  
  Related Information: 
  EC-CS Consolidation is part of SAP's Enterprise Resource Planning (ERP) system. Other components of this system include Financial Accounting (FI), Controlling (CO), Materials Management (MM), and Sales & Distribution (SD). Additionally, EC-CS Consolidation can be used in conjunction with other SAP modules such as Business Warehouse (BW) and Business Objects (BO).