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TeachMeFinance.com - explain Unconsolidated entity Unconsolidated entity The term 'Unconsolidated entity' as it applies to the area of energy can be defined as ' A firm directly or indirectly controlled by a parent but not consolidated with the parentfor purposes of financial statements prepared in accordance with generally accepted accounting principles. An unconsolidated entity includes any firm consolidated with the unconsolidated entity for purposes of financial statements prepared in accordance with generally accepted accounting principles historically and consistently applied. An individual shall be deemed to control a firm that is directly or indirectly controlled by him or by his father, mother, spouse, children,or grandchildren'. Previous 5 Terms: Uncompacted backfill Uncompleted wells, equipment, and facilities costs Unconfined aquifer Unconformity unconsolidated Next 5 Terms: Unconventional oil and natural gas production UNCTAD Undercurrent undercutting Underflow About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.