The objective of this thesis is to analyze and discuss the main developments and effects of the new financial reporting standards IFRS 10, 11, and 12. The thesis is divided into four sections that provide an overview of the main aspects regarding consolidated financial statements. The first chapter introduces the consolidation process, the consolidated entities, and summarizes the latest developments of the relevant standards. In addition, it gives an insight into the consolidation procedures. Each of the following chapters presents the main changes and relevant implications according to the new financial reporting standards. IFRS 10 contains the new requirements for the control criteria as well as a discussion of the included guidelines, as shown in appendix B. The problem regarding the consolidation of special purpose entities is one of the main reasons for the changes of the relevant consolidation reporting standard. Therefore, a discussion is included for a better understanding of the main challenges posed by SPEs. Furthermore, all significant implications for joint arrangements, formerly known as joint ventures, are examined in a separate chapter. Unlike IAS 31, which used to differentiate between three possible types of joint ventures, IFRS 11 classifies joint arrangements into two types. Moreover, the implications and possible outcomes for the accounting are discussed, as well as the reclassification of joint arrangements in accordance to IFRS 11. The final chapter on standard IFRS 12 summarizes the required disclosures of subsidiaries, joint arrangements, and associates. Finally, the new requirements regarding notes to non-consolidated structured entities are listed. All of the above-mentioned changes are of great importance to the consolidated financial statements of companies.