Consolidated Financial Statements

Consolidated - Although these consolidated financial statements are acceptable for use by the stockholders and creditors of the parent company and

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The justification for preparing consolidated financial statements even if the consolidated financial group is not a legal entity is that most users of financial statements prefer to evaluate the economic entity rather than the legal entity. The preparation of consolidated financial statements on a non-legal entity is an example of focusing on substance rather than form.
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Unformatted text preview: Although these consolidated financial statements are acceptable for use by the stockholders and creditors of the parent company and are also acceptable under GAAP, they are not substitutes for the financial statements prepared by the separate subsidiaries....
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This note was uploaded on 10/18/2011 for the course LITERATURE LIT 101 taught by Professor Stault during the Spring '11 term at Albany State University.

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