Say Company A owns 100% of Company B, but say Company B also owns 100% of Company C.
When Company A is preparing its consolidated financial statements, it would include Company B's _CONSOLIDATED_ (with Company C) financial statements, correct? This makes intutive sense to me, but I just want to make sure that one does not include only the Company B prior to consolidation with Company C in Company A's consolidated statements.... heh, It'd be nice if I had closer access to research materials I guess, although I think I will at my new job.