I have already mentioned this on my blog at Standalone vs Consolidated. Based on GAAP (Generally Accepted Accounting Principals), if a company A holds some stake in company B, then standalone profit and loss account of A includes the revenue, expenses and profit of entity A as a company.
But the consolidated account is prepared as follows:
If A holds less then 20% stake in company B, A’s consolidated revenue, expense and profit are same as its respective standalone numbers.
If A holds between 20% and 50% stake in company B, proportionate revenue, expense and profit of B is added to A’s respective standalone numbers to get consolidated numbers, e.g. if A’s standalone revenue is 20 Mn, expense is 16 Mn and profit is 4 Mn while B’s standalone revenue is 10 Mn, expense is 8 Mn and profit is 2 Mn and A holds 50% stake in B then revenue of 5 Mn, expense of 4 Mn and profit of 1 Mn is added to A’s standalone numbers to get its consolidated numbers i.e. A’s consolidated revenue will be 25 Mn, expense is 20 Mn and profit is 5 Mn.
If A holds more than 50% stake in company B, B is considered as wholly owned subsidiary of A. All the revenue, expense and profit of B is added to A’s respective numbers but the proportion of profit that does not belong to A is shown as Minority Interest. So if A owns 80% of B in the above example, A’s consolidated revenue is 30 Mn, expense is 24 Mn and profit is 6 Mn but 20% of B’s profit, i.e. 0.4 Mn is reported as “Minority Interest”.
There might be other rules like removing revenue/expense figures of two companies with each other etc… but not sure.
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consolidated balance sheets are the balance sheets which provide the assets and liabilities of all the entities merged to get a single figure. While on the other hand, standalone balance sheets don t merge the data of the entities. so the major difference between standalone and consolidated balance sheet is that the data is not merged to arrive at a single number
As for the bit where you are curious about why reliance doesn t provide their consolidated data quarterly is because reliance is probably in most of the industries that you can imagine so it would mean increased cost and effort to provide the consolidated data quarterly. and investors are more inclined towards the paces of the stock markets rather than the consolidated data of the company. and if in future reliance deems it fit that such data is important to its investors then it can present its balance sheets in the consolidated format
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