For instance, if Company XYZ owned only 5% of Company A, it probably would not have to consolidate Company A's financial statements with its own.
Companies often break out their consolidated statements by division or subsidiary so investors can see the relative performance of each, but in many cases this is not required, especially if the company owns 100% of the division or subsidiary.
Source: Investing Answers Consolidation of matters in the federal courts is governed by Rule 42 of the Federal Rules of Civil Procedure.
Thus, an investor looking solely at Company XYZ's holding company financial statements could easily get a misleading view of the entity's performance.
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