Prepare consolidated balance sheet

Trigger: The financial reporting period ends and individual subsidiaries submit their trial balances.

1. Aggregate trial balances from all subsidiaries and business units
2. Translate foreign currency financial statements into the parent reporting currency
3. Identify and eliminate intercompany transactions and balances
4. Calculate and record non-controlling interests and consolidation adjustments
5. Draft the preliminary consolidated balance sheet
6. Validate the consolidated figures against accounting standards and prior periods
7. Approve the final consolidated balance sheet for financial reporting

Outcome: A finalized, consolidated balance sheet is approved and ready for inclusion in external financial reports.