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California Corporations Code Section 114

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All references in this division to financial statements,
balance sheets, income statements, and statements of cashflows, and
all references to assets, liabilities, earnings, retained earnings,
and similar accounting items of a corporation mean those financial
statements or comparable statements or items prepared or determined
in conformity with generally accepted accounting principles then
applicable, fairly presenting in conformity with generally accepted
accounting principles the matters that they purport to present,
subject to any specific accounting treatment required by a particular
section of this division. Unless otherwise expressly stated, all
references in this division to financial statements mean, in the case
of a corporation that has subsidiaries, consolidated statements of
the corporation and each of its subsidiaries as are required to be
included in the consolidated statements under generally accepted
accounting principles then applicable and all references to
accounting items mean the items determined on a consolidated basis in
accordance with the consolidated financial statements. Financial
statements other than annual statements may be condensed or otherwise
presented as permitted by authoritative accounting pronouncements.

Last modified: January 12, 2009