What is financial reporting data in SAP FI-LC - Consolidation?

SAP Term: financial reporting data

• Component: FI-LC

• Component Name: Consolidation

• Description: The data required for certain consolidation tasks. It is entered into the system in addition to the individual financial statement data, and is stored in specific financial reporting tables. Financial reporting data is required for the following activities, for example: Changes in investments and investee equity of group-internal trading partners Equity holdings adjustments for the group's associated companies Hidden reserves fair value adjustments and goodwill Transfers of fixed assets within the group The exchange of goods and services in the inventory between internal trading partners

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• Key Concepts: 
  Financial reporting data is the information used to create financial statements and reports. It includes data from the general ledger, accounts receivable, accounts payable, and other financial systems. The FI-LC Consolidation component of SAP is used to consolidate financial reporting data from multiple sources into a single report. 
  
  How to use it: 
  The FI-LC Consolidation component of SAP allows users to consolidate financial reporting data from multiple sources into a single report. This report can then be used to create financial statements and reports. The component also allows users to compare different versions of the same report and analyze the differences between them. 
  
  Tips & Tricks: 
  When using the FI-LC Consolidation component of SAP, it is important to ensure that all of the data being consolidated is accurate and up-to-date. Additionally, it is important to ensure that all of the data sources are properly linked together in order for the consolidation process to be successful. 
  
  Related Information: 
  The FI-LC Consolidation component of SAP is part of the Financial Accounting (FI) module. Other components of the FI module include General Ledger Accounting (FI-GL), Accounts Receivable (FI-AR), Accounts Payable (FI-AP), and Asset Accounting (FI-AA).