Consolidating financial statements is crucial for major multinational corporations to accurately reflect their financial results to investors and stakeholders. This process becomes essential when a company expands its operations through acquisitions, resulting in subsidiaries under its control.

When a parent company acquires a stake in another company to create a subsidiary, the subsidiary maintains its own accounting records. However, since the parent company controls the subsidiary, the subsidiary's financial operations are integrated into the parent company's financial statements through consolidation.

As businesses grow and acquire other entities, whether they absorb them or allow them to operate independently, they must consolidate financial statements to provide a comprehensive view of their financial performance and position, reflecting the operations and assets of all related entities. This consolidation process ensures transparency and accuracy in financial reporting for decision-making and regulatory compliance purposes.

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