Paper Title
Significance of Control in the Preparation of Financial Report

Control, which underlies recognition of assets, identification of consolidation of enterprises, preparation of the consolidated financial report etc. is an important factor in the preparation of the financial report. Realizing the aforesaid, the IFRS Board developed the uniform concept of control targeted at improved preparation and submission of the financial report. The ultimate goal of the concept is evaluation and detection of control. IFRS defines the concept of control, the criteria of its recognition and its main characteristics, such as the relevant activity, authority with regard to the enterprise into which an investment was made, the inconsistent income risks and influence on income by the exercise of power. Detailed assessment of control over the enterprise into which an investment was made is especially important in case of unclear authority. Index Terms - Control, relevant activity, management authority, inconsistent incomes.