Consolidation of Branch Accounts

Consolidation of Branch Accounts :

Consolidation of branch accounts (audited and unaudited) is one of the important and sensitive aspect of the financial statements of a bank. Preparation of the consolidated financial statements of the bank as a whole (after consolidation of accounts of branches) is the responsibility of the bank’s management. RBI vide its Circular No DBOD.No.BP.BC.72/21.04.018/2001-02 dated February 25, 2003 has issued guidelines to banks on consolidated accounting and other quantitative methods. The following documents are consolidated:
 Balance Sheets
 Profit and Loss Accounts
 LFAR (Long Form Audit Report)
 Ghosh Committee compliance checklists
 Jilani Committee compliance checklists
 Tax Audit reports
 Other various reports like, Assets classification, fixed assets, bills payable, sundries, credit subventions, etc