Financial Management - PSFT (MOSC)

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What is the best practice for consolidation with subsidiaries with different fiscal year end?

edited Mar 28, 2017 5:04AM in Financial Management - PSFT (MOSC) 1 commentAnswered

We have about 30+ business units with fiscal year end Dec 31. For one of our business unit we record one journal entry a month currently since their legal fiscal year end is actually Mar 31.

According to oracle (PeopleSoft), the primary purpose of consolidations is to present financial results for multiple entities as though they had occurred as a single entity and a single entity has only one accounting calendar.

How are other companies handling consolidation with subsidiaries with different fiscal year end? Would appreciate comments from other companies and consultants out there.

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