Definition of combined financial statement

1. presentation in which the balance sheet accounts or income statement accounts of a related group of entities have been added together so they are considered as one reporting entity. Intercompany transactions are eliminated in a combined statement.
2. in governmental accounting, statement in which the balance sheets of all fund and account groups are shown without interfund transfers being eliminated

financial statement that brings together the assets, liabilities, net worth, and operating figures of two or more affiliated companies. In its most comprehensive form, called a combining statement, it includes columns showing each affiliate on an "alone" basis; a column "eliminating" offsetting intercompany transactions; and the resultant combined financial statement. A combined statement is distinguished from a consolidated financial statement of a company and subsidiaries, which must reconcile investment and capital accounts. Combined financial statements do not necessarily represent combined credit responsibility or investment strength.