Deloitte
Accounting Research Tool
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Chapter 1 — Key Concepts Related to Carve-Out Financial Statements

1.2 Identifying the Form and Content of the Carve-Out Financial Statements and the Operations of the Carve-Out Entity

1.2 Identifying the Form and Content of the Carve-Out Financial Statements and the Operations of the Carve-Out Entity

Footnotes

1
It is important to determine the appropriate predecessor in an SEC filing since this determination will affect which financial statements must be included in an SEC filing, as well as other considerations. In certain circumstances, there could be more than one predecessor.
2
The ASC master glossary defines consolidated financial statements as “[t]he financial statements of a consolidated group of entities that include a parent and all its subsidiaries presented as those of a single economic entity” and combined financial statements as “[t]he financial statements of a combined group of commonly controlled entities or commonly managed entities presented as those of a single economic entity. The combined group does not include the parent.”