a) Y AG is a German corporation with several subsidiaries in Germany, France and Russia. Please explain in which cases Y AG has to: (1) Prepare consolidated financial statements in accordance to GCC (2) Prepare consolidated financial statements in accordance to GCC (3) Does not have to prepare consolidated financial statements at all. b) List and explain in your own words the individual steps required in preparing a first-time consolidated financial statement by a parent corporation with partially-owned subsidiaries. c) Explain the additional steps needed to be performed by a parent corporation with partially- owned subsidiaries in subsequent years after the first-time consolidation. d) What difficulties may arise during the consolidation process and how can these difficulties be solved?