| consolidation chart of accounts (EC-CS) |
A systemic classification of financial statement items that belong together.
The classification is marked by either corporate external or internal requirements (or both). For example, you could have one consolidation chart of accounts for the purpose of generating financial statements to meet the requirements of statutory authorities, and you could have another consolidation chart of accounts to accommodate corporate-internal requirements for contribution margin accounting.
You can have multiple consolidation charts of accounts within a single dimension. This enables you to generate multiple financial statements at the same time to meet various requirements.
Example
Within a single dimension for statutory consolidation, you could use one consolidation chart of accounts for generating consolidated financial statements according to the 4th/7th EU directive, and another consolidation chart of accounts for generating consolidated financial statements according to US GAAP.