Question : How MM and SD is implemented without FICO? What is the rationale and purpose?
As Ajay said, go with two controlling area use same COA. Now use, group chart of account and input the relevant gl account of group COA within the gl account of your operating COA.
This way, you can get individual and consolidated financial statements.
Alternatively, go with EC-CS
Alternatively go with BW based consolidation (already in redundant mood, no future support by SAP)
If you have enough money go with BPC :-)
Hope this helps.
Regards,
Ravi