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#cfa-level-1 #reading-22-financial-statement-analysis-intro
In general terms, when one company (the parent) controls another company (the subsidiary), the parent presents its own financial statement information consolidated with that of the subsidiary.
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3.1.2.1. Income Statement
statement is sometimes referred to as a statement of operations or profit and loss (P&L) statement . The basic equation underlying the income statement is Revenue + Other income – Expenses = Income – Expenses = Net income. <span>In general terms, when one company (the parent) controls another company (the subsidiary), the parent presents its own financial statement information consolidated with that of the subsidiary. (When a parent company owns more than 50 percent of the voting shares of a subsidiary company, it is presumed to control the subsidiary and thus presents consolidated financial statemen


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