Condensed financial statements are a highly aggregated version of the financial statements, where most of the line items are summarized into just a few lines. This approach is used to simplify the presentation of information, sometimes into a single page for all three of the financial statements. However, so much information is lost by using this format that it does not present much of an opportunity for financial analysis. The footnotes that usually accompany a complete set of financial statements may not be presented when a condensed format is used.
For example, a condensed income statement may present a single line item for revenue and a single line item for expenses, while a condensed balance sheet may be restricted to as little as a total amount for assets, liabilities, and equity.