In the process of preparing the consolidated financial statements for the Public Sector, the approval of accounting policies between the controlling entity and its subsidiaries is required. Therefore, the objective of this article was to elaborate the process required for the homologation of the accounting policies for the elements of property, plant and equipment, investment properties and inventories and their accounting implications. To carry out this study, a qualitative descriptive investigation was used using a method, applied in science and practice, followed by an analysis and comparison of data. In conclusion, it was found that the selected companies use the same accounting policy for the elements of property, plant and equipment and inventories and therefore, it is not required to approve these items; however, for the element of investment properties, the approval of policies is required, which implies an increase or decrease in the profits of the controlled company. © Universidad del Zulia. All rights reserved.