Modern Theravada is based on a reappraisal of the Pali suttas. Of course, one of the primary instigators of this was Bhikkhu Buddhadasa. As is heard in the video about his life on You Tube, he began a fresh research of the Pali suttas.
In Mahavihara or Sri Lankan Buddhism, which appears rooted in the teachings of Buddhaghosa and the commentaries, there is the notion of relinking consciousness
within the cycle of dependent origination. This is similar to Tibetan notions of the 'bardo'.
The suttas unambiguously state without dispute, such as in MN 9, there are six kinds of consciousness, namely, eye, ear, nose, tongue, body & mind consciousness.
The word consciousness itself comes from the Pali word 'vinnana', which means 'direct knowing'. In short, consciousness is cognition
. Consciousness is that faculty of mind that allows knowing or experience via the eye, ears, nose, tongue, body and mind. As the Buddha advised in MN 38, there is no arising of consciousness without a sense organ.
If the notion of relinking consciousness is considered, it includes the carrying from one life to the next kammic accumulations.
If the nature of the five aggregates are considered, the capacity of consciousness is merely to know or be aware. The capacity of perception includes memory and the capacity of sankhara khanda is accumulating or storing ignorance & wisdom, merit & demerit. For example, if the question is asked: "What gets enlightened?", the answer is the citta
or sankhara khanda.
Therefore, it appears according to basic theory, that consciousness carries with it memories, knowledge, ignorance and the fruits of kamma is impossible.
Consciousness is merely cognition according to the Buddha.