We enter the world of digital transformation that affects the market, consumers and competitors. It has an impact on business strategies and models and requires modern companies to reinvent them. Technological innovations crop out at a surprisingly fast pace. The latest trends indicate the direction of evolution. This evolution is based on mobility, artificial intelligence, the Internet of Things, cloud computing, social media networks and analytics.

Global companies apply different methods for the preparation of consolidated financial statements. The following diagram shows four approaches. Spreadsheets are the most common and elementary method. The most advanced approach involves Global Template/core-based implementation of an ERP system in all company subsidiaries (consolidated entities).

As organizations expand globally, their needs and ambitions change due to the scope and complexity of their operations and the challenges they face at the local level.