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In this video tutorial, Silvia from IFRS provided a clear demonstration of basic consolidation procedures, a vital skill for accounting students and professionals. Consolidation is a key concept in exams and in the job market, setting you apart from basic accountants. The tutorial offers a starting point for more advanced issues, with examples and explanations available on IFRS box.com. The case study explores the consolidation of Mommy Corporation's 80% ownership of Baby Limited since its incorporation.