$2.$ Why do companies prepare consolidated financial statements? $3.$ What are the main types of entities involved in consolidation? $4.$ How is the control of one company over another determined? $5.$ What is a subsidiary? $6.$ What is a parent company? $7.$ What is the difference between a subsidiary and an associate? $8.$ What is a non$-$controlling interest $($NCI$)?9.$ How is NCI calculated in the consolidated financial statements? $10.$ What is the equity method of accounting? $11.$ Which International Financial Reporting Standard $($IFRS$)$ deals with consolidation? $12.$ What is the relevant standard under US GAAP for consolidation? $13.$ How do IFRS and US GAAP differ in their approach to consolidation? $14.$ What is IFRS $10,$ and what does it cover? $15.$ How does IFRS $3$ affect the consolidation process? $16.$ What disclosures are required in consolidated financial statements under IFRS? $17.$ What is the concept of $\text{'}$de facto control' in IFRS $10?18.$ Under what circumstances might a parent company not consolidate a subsidiary? $19.$ What is the concept of 'significant influence'? $20.$ How are joint ventures accounted for in consolidated financial statements? $21.$ What is a consolidation worksheet, and how is it used? $22.$ How are intercompany transactions eliminated during consolidation? $23.$ What are common intercompany transactions that need to be eliminated? $24.$ How do you handle intercompany sales of inventory? $25.$ How do you adjust for intercompany dividends? $26.$ What is goodwill in the context of consolidation? $27.$ How is goodwill calculated? $28.$ What is an impairment test for goodwill? $29.$ How is a bargain purchase gain recognized in consolidation? $30.$ What is the fair value of net identifiable assets? $31.$ How are foreign subsidiaries accounted for in consolidation? $32.$ What is the translation method for foreign subsidiaries? $33.$ How is foreign currency translation gain or loss recognized? $34.$ What is the functional currency of a subsidiary? $35.$ How do you consolidate subsidiaries with different fiscal year$-$ends? $36.$ What adjustments are made when there are changes in ownership interest? $37.$ How is a step acquisition accounted for? $38.$ What happens in a deconsolidation event? $39.$ How is the partial sale of a subsidiary accounted for? $40.$ What is push$-$down accounting? $41.$ What are the key components of consolidated financial statements? $42.$ How is the consolidated balance sheet prepared? $43.$ How is the consolidated income statement prepared? $44.$ How is the consolidated cash flow statement prepared? $45.$ What is the role of the consolidated statement of changes in equity? $46.$ How are non$-$controlling interests presented in consolidated financial statements? $47.$ What is the importance of the consolidated statement of comprehensive income? $48.$ How are unrealized profits on intercompany transactions treated? $49.$ How do you adjust for intercompany loans and advances? $50.$ What are the disclosure requirements for related party transactions? $51.$ How are deferred taxes treated in consolidated financial statements? $52.$ How is the acquisition date determined? $53.$ What is the acquisition method of accounting? $54.$ How is purchase price allocation performed? $55.$ How are intangible assets recognized in a business combination? $56.$ What is the treatment of contingent liabilities in consolidation? $57.$ How are earn$-$out arrangements accounted for? $58.$ How is negative goodwill treated? $59.$ What is the concept of a 'special purpose entity' $($SPE$)?60.$ How does the variable interest entity $($VIE$)$ model work? $61.$ Prepare a consolidated balance sheet for a hypothetical parent$-$subsidiary scenario.