What is consolidated Balance Sheet & Income Statement?

Consolidated financial statements combine the financial statements of separate legal entities controlled by a parent company into one set of financial statements for the entire group of companies. For example, let's assume that Northern Electric Power (NEP) is an electric utility with its stock traded on a stock exchange. NEP acquires all of the stock of Midwest Gas Corporation (MGC). Both NEP and MGC continue as separate legal entities. NEP is the parent company and MGC is the subsidiary company. Each of these corporations will continue to operate its respective business and each will issue its own financial statements. However, the investors and potential investors in NEP will find it helpful to see the financial results and the financial position of the economic entity (the combination of NEP and MGC) that they control. The consolidated income statement of NEP will report all of the revenues that the economic entity earned from outside customers. (Since the sales of electricity from NEP to MGC and the sales of gas from MGC to NEP are not earned outside of the economic entity they are eliminated.) The consolidated income statement will also report all of the expenses that were incurred outside of the economic entity. (Since the purchases of electricity by MGC from NEP and the purchases of gas by NEP from MGC did not occur outside of the economic entity they are also eliminated.) The consolidated balance sheet of NEP will report all of the cash, receivables, plant, etc. of the economic entity. It will also report all of the liabilities of the economic entity. (Amounts owed and receivable between NEP and MGC are eliminated in the consolidated balance sheet.)

IFRS Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

 IFRS Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

The objective of IFRS is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. [IFRS:1]

The Standard: [IFRS:1]

requires a parent entity (an entity that controls one or more other entities) to present consolidated financial statements defines the principle of control, and establishes control as the basis for consolidation set out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee sets out the accounting requirements for the preparation of consolidated financial statements defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity.

its the financial statement which aggregate the figures for more than one companies

A consolidated balance sheet presents the assets and liabilities of a parent company and all its subsidiaries on a single document, with no distinctions on which items belong to which companies.

The income statement is one of the major financial statements used by accountants and business owners. (The other major financial statements are the balance sheet, statement of cash flows, and the statement of stockholders' equity.) The income statement is sometimes referred to as the profit and loss statement (P&L), statement of operations, or statement of income. We will use income statement and profit and loss statement throughout this explanation.

The balance sheet is a statement accounting for economic unity as at a specified date, it is obtained important information from this menu of financial liquidity, especially over economic unity by using certain

financial ratios, and includes Thelih main components: assets. Liabilities (liabilities). Property rights.

The income statement is a detection or a report showing the result of the business during a certain period of time expired. It is based on: the income statement on an established revenue expenses and burdens that have contributed to the achievement of those revenues. The result of this interview is to achieve what property gain or loss.

Thanks for invitation 

The financial statements of a group presented as those of a single entity. When a parent issues consolidated financial statements ( income statement and balance sheet), it should consolidate all subsidiaries, both foreign and domestic 

The Consolidation basically is the methodology that being used to summarize and make the cummulative financial report needed to the holding companies with it`s affiliates or subsideres.

In consolidation is to ignore the in-transactions and remain only the added value transactions.

thanks for invitation 

Consolidated financial Statements means combining 2 or more Balance sheets and income statements

in one Balance sheet and one income statement   to  Assess the overall Financial Reporting for all company's and to present the Main Mother company 

Thank you for your call

 And God willing it will be a brief explanation and is not detailed

What are 'Consolidated Financial Statements'

Consolidated financial statements are the combined financial statements of a parent company and its subsidiaries. Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they let you gauge the overall health of an entire group of companies as opposed to one company's standalone position.

BREAKING DOWN 'Consolidated Financial Statements'

Consolidated financial statements report the aggregate of separate legal entities. A parent company can operate as a separate corporation apart from its subsidiary companies. Each of these entities reports its own financial statements and operates its own business. However, because the subsidiaries are considered to form one economic entity, investors, regulators, and customers find consolidated financial statements more beneficial to gauge the overall position of the entity.

Consolidated Statement of Income

The consolidated financial statements only report income and expense activity from outside of the economic entity. 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. The revenue generated from one legal entity is offset by the expenses in another legal entity. To avoid over inflating revenues, all internal revenues are omitted.

Main parts of financial statement are;  Income statement / Profit & loss account Balance sheet Cash flow statement Notes to accounts