For the purposes of consolidated financial reporting, a group is:
A) an investor and its investees.
B) a parent entity and all its subsidiaries.
C) an entity that has one or more subsidiaries.
D) an entity that is controlled by a parent.

Question

Quizplus · Accepted Answer

A group for consolidated financial reporting purposes is a parent entity and all its subsidiaries, meaning any entity that is controlled by the parent through ownership of more than 50% of the voting power of the entity's shares.

For the Purposes of Consolidated Financial Reporting, a Group Is