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ANNUAL2023R E P O RTO U R I M P A C T,M A D E P O S S I B L E BY YO U In 2023, thanks to your invaluable support, the National Geographic Society achieved significant milestones in protecting the
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01
Gather financial statements from each individual entity within the group.
02
Eliminate intercompany transactions to avoid double counting.
03
Adjust for any differences in accounting policies between entities.
04
Combine the individual financial statements into one consolidated statement.
05
Disclose any non-controlling interests in the final consolidated statement.

Who needs consolidated financial statements and?

01
Parent companies that own a controlling interest in one or more subsidiary entities.
02
Investors and creditors who want a holistic view of the financial health of a group of companies.
03
Regulatory bodies that require consolidated financial statements for oversight purposes.
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Consolidated financial statements combine the financial information of a parent company and its subsidiaries into one comprehensive set of financial statements.
Publicly traded companies with subsidiaries are usually required to file consolidated financial statements.
Consolidated financial statements are typically prepared by combining the individual financial statements of the parent company and its subsidiaries using specific accounting rules and guidelines.
The purpose of consolidated financial statements is to provide a more accurate picture of the financial health and performance of a group of companies as a whole.
Consolidated financial statements must include the financial data of the parent company and its subsidiaries, presented as if they were a single entity.
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