Consolidating subsidiaries with different year ends

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Rather, the earnings or losses of such entities should be reflected in the registrant's financial statements on the equity method of accounting.

However: A difference in fiscal periods does not of itself justify the exclusion of an entity from consolidation.

In deciding upon consolidation policy, the registrant must consider what financial presentation is most meaningful in the circumstances and should follow in the consolidated financial statements principles of inclusion or exclusion which will clearly exhibit the financial position and results of operations of the registrant.

There is a presumption that consolidated statements are more meaningful than separate statements and that they are usually necessary for a fair presentation when one entity directly or indirectly has a controlling financial interest in another entity.

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