F3 Combined Financial Statements/Push Down Accounting

Question 1

Combined financial statements of a group of related companies ( not consolidated because there is no parent)

Answer 1

1) companies under common control ( indivdual owns many companies)
2) Companies are under common management
3) Unconsolidated subsidiaries ( e.g. many foreign subs) are combined

Question 2

Combined Financial Statements- requires

Answer 2

1) Intercompany transactions and balances among these companies are eliminated
2) Noncontrolling interests be treated like consolidated financial statements
3) Capital stock and retained earnings be added across,not eliminated
4) Income statements be added across

Question 3

Consolidated and Combined Financial Statements

Answer 3

• both treat different fiscal periods and foreign operations the same