Company absorbing revolutionary statement of belief (5)
I believe the answer is:
credo
'statement of belief' is the definition.
(I've seen this before)
'company absorbing revolutionary' is the wordplay.
'company' becomes 'co' (abbreviation).
'absorbing' is an insertion indicator.
'revolutionary' becomes 'red'.
'co' enclosing 'red' is 'CREDO'.
(Other definitions for credo that I've seen before include "Set of beliefs about leftist circle" , "One's system of beliefs" , "music in church" , "Apostles' beliefs" , "piece of sacred music" .)