As controller of the Parent Company who is ready to prepare financial statements, you have the following information:

You, the Parent Company, have 141 subsidiaries or investees.

80 of these subsidiaries are located in the United States and are 100% owned and controlled by you (the Parent.)

20 of these companies are located in the United States but you only own 30% of the company.

40 of these subsidiaries are 100% owned and are located in the European Union, which uses IFRS as the accounting framework. 38 of these 40 subsidiaries use the Euro to denominate their financial statements; 2 of the 40 subsidiaries do not use the Euro; one uses the Polish Zoty PLN and the other uses the Danish krone to denominate financial statements.

One 100% owned subsidiary is in Switzerland which allows IFRS or U.S. GAAP to be used as the accounting framework. Financial statements are denominated in the Swiss Franc.

REQUIRED: What are the steps you would use (the Parent Company) to prepare consolidated financial statements for the parent company, the 121 100% owned subsidiaries, and the 20 companies in which you are heavily invested. [Consider IFRS, foreign currency; NCI, and anything else you think is pertinent.]

Your answer should be in the form of a flowchart. Use 5 basic symbols such as illustrated in the below link.

https://www.edrawsoft.com/flowchart-symbols.html