FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

189 Communication medium A method used by a company to communicate. Communication media consist mainly of: n financial notices/financial advertising; n press releases; n shareholders’ guides/shareholders’ letters; n annual reports/registration documents; n integrated reports; n slideshows and various presentations made to investors; n the global website and/or website for shareholders and financial intermediaries. The proliferation of communication media means that companies need to be particularly cautious as regards both the internal consistency of information published on these media and as regards compliance with the principle of equal access to disclosed information in space and time. Regarding equal access, websites are a preferred communication medium that allow companies to promptly provide readers with comprehensive information on all current and historical developments. Consolidated financial statements Consolidated financial statements are designed to present the financial position of a group of companies as though they were a single entity. Consolidated financial statements are governed by articles L. 233-16 et seq. of the French Commercial Code. Companies listed on a regulated market must prepare their consolidated financial statements in accordance with IFRS if they control or jointly control one or more entities, or if they exercise significant influence over other entities. The consolidated accounts include the financial statements and the notes to the financial statements, which are an integral part thereof. Since IAS 1 was revised in 2007, a complete set of financial statements includes: n a statement of financial position (balance sheet); n a statement of comprehensive income (income statement and a statement of items recognised directly in equity); n a statement of changes in equity; n a statement of cash flows. Companies listed on a regulated market are required to publish their consolidated financial statements as part of their annual financial report, which must be disseminated within four months of the financial period closing date. A notice must also be published in the BALO within 45 days of the shareholders’ meeting, indicating that the financial statements have been duly approved by the shareholders.