What are consolidated financial statements?
Consolidated financial statements are the financial statements which lead to the subsidiaries of the holding company its summative accounting figure.
They are the combined financial statements of a parent company and its subsidiaries.
Consolidated financial statements are the financial statements of a group presented as those of a single economic entity.
The consolidated financial statements enable you to determine the general health of an entire group of companies as compared to a company’s stand alone position. This is because these financial statements provide an aggregated look at the financial position of a company and its subsidiaries.
Purpose of consolidated financial statements
The key purpose of preparing consolidated financial statements is reporting the financial condition and operating result of a consolidated business group, which is considered as a single entity comprised of more than one companies under a common control.
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