Question

statements of profit or loss and other comprehensive income, changes in equity and cash flows for the years ended December 31, 2018, 2019 and 2020. The selected financial data from the consolidated profit or loss and other comprehensive income for the year ended December 31, 2017 and the selected financial data from the consolidated financial position as of December 31, 2017 and 2018 have been derived from our audited consolidated financial statements, which have been prepared in accordance with IFRSs, and audited by Ernst & Young Hua Ming LLP.

Answer 1

The construction of consolidated financial statements is predicated on the notion that economic substance prevails over legal form.

Consolidated financial statements refer to the financial records of a company with many divisions or subsidiaries. When a company uses the phrase "consolidated" in financial statement reporting, they typically mean the combined reporting of their entire company. The Financial Accounting Standards Board, on the other hand, defines consolidated financial statement accounting as the reporting of an entity that is structured with a parent corporation and subsidiaries.

Consolidated financial statements, or CFS, show the financial standing and operating performance of a parent firm and one or more subsidiaries as though they were one business. In order to reflect the organization's corporate financial position, the accounts of several businesses with the same administration or ownership are simply combined.

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