Question: An annual report for Daimler Chrysler AG now Daimler AG

An annual report for Daimler- Chrysler AG (now Daimler AG) includes the statement that “all significant intercompany transactions and balances relating to these majority-owned subsidiaries and variable interests have been eliminated.” In your own words, explain the meaning of this statement. Why is it necessary to eliminate all intercompany accounts and transactions in consolidation?

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