The following questions pertain to Brookfield's accounting for its subsidiaries: a. What is a subsidiary and how

Question:

The following questions pertain to Brookfield's accounting for its subsidiaries:
a. What is a subsidiary and how are subsidiaries accounted for? What are the benefits and limitations of accounting for subsidiaries in this way?
b. In what countries does Brookfield have subsidiaries?
c. What are the implications on the consolidated when a company has less than 100 percent of the voting control of the subsidiary?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...