Consolidated Financial Statement in the United States

Consolidated Financial Statement in the Federal Budget Process

Meaning of Consolidated Financial Statement in the congressional and executive budget processes (GAO source): The financial statements of a parent and its subsidiary or component entities, presented as if the group were a single entity. In the U.S. government, there is a consolidated financial statement for the federal government that encompasses the executive, legislative, and judicial branches as well as consolidated statements for agencies that encompass all their offices, bureaus, and activities.

Resources

See Also

• Federal Appropriations
• Entries about the United States Budget Process in the Encyclopedia (including Consolidated Financial Statement)
• Public Debt

Further Reading

• Legislatures and the budget process: the myth of fiscal control

  (J Wehner, 2010)

• Reconcilable Differences?: Congress, the Budget Process, and the Deficit (JB Gilmour, 1990)
• Fiscal institutions and fiscal performance

  (JM Poterba, J von Hagen, 2008)

Consolidated Financial Statement in the International Business Landscape

Definition of Consolidated Financial Statement in the context of U.S. international business and public trade policy: A financial statement combining the accounting records of a parent corporation and all its subsidiaries into a single set of statements denominated in single currency.