International Perspective on Consolidation Form groups of four to six students. Each student should pick a country from the following list: Australia France Germany Italy Japan Sweden United Kingdom Find out the policy on consolidating financial statements in the country you select. If possible, find out when consolidated statements were first required and what criteria are used to determine what subsidiaries should be consolidated. Meet as a group and share your information. What generalizations can you draw from the policies you found? Propose explanations for the differences you find among countries. Discuss the effect of consolidation policies on comparisons of financial statements across countries. Analyzing and Interpreting Financial Statements