Combining and consolidating financial statements
The different companies' financial statements remain separate from one another.
Under both combined and consolidated financial statements, the accountant must eliminate intercompany transactions.
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A service a bank provides to customers giving each a statement containing information on all accounts with the bank, not only one at a time.
When a company has ownership in one or more companies, an accountant may have to either consolidate their financial statements or combine them.
Any revenue earned by the parent that is an expense of a subsidiary is omitted from the financial statements.
This is because the net change in the financial statements is $0.
They could also be used to present the financial position and the results of operations of a group of subsidiaries, or to combine the financial statements of companies under common management.