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Consolidating financial statements eliminating entries

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These statements, called consolidated statements, consolidate the parent’s financial statement amounts with its subsidiaries’ and show the parent and its subsidiaries as a single enterprise.

According to, consolidated statements must be prepared (1) when one company owns more than 50 per cent of the outstanding voting common stock of another company, and (2) unless control is likely to be temporary or if it does not rest with the majority owner (e.g.

Consolidated Manufacturing also owns several buildings used by subsidiaries that record the payment of rent to corporate headquarters through intercompany accounts.

While these companies are separate legal entities, they represent one unified economic entity.

Both corporations remain separate legal entities, regardless of the investment purpose.

In this section, you learn how to account for business combinations.

To gain a complete picture of the entire organization, you combine (consolidate) all the assets and liabilities of each business unit, eliminating intercompany transactions and minority interest relationships by creating consolidation elimination journal entries.

You use trees to define the relationships among business units in a consolidation, creating a separate consolidation tree for each configuration.

The type of method depends on how much of the second company the first company owns.

Consolidated financial statements are group financial reports presented like those of a single accounting entity.

The consolidation process converts the multiple financial reports of the parent company and its subsidiaries into a single, broad financial report.

Organizations often have complex structures with multiple business or operating units and legal entities with varying degrees of ownership.

If your organization comprises more than one business unit or operating entity, you can consolidate these organizations when you report on overall operations, presenting financial statements that accurately describe your financial status.