It is not really necessary to define financial statements, but because IFRS is the frame within which IFRS financial statements are prepared and because there are quite a few different definitions within IFRS relating to and specifying types of financial statements here a those definitions and some other sorted remarks and explanations.
Financial statements – are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it. (IAS 1 9 – 46)
Consolidated financial statements – are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. (IFRS 10 Consolidated financial statements and IAS 27 Separate financial statements Definition)
Unconsolidated financial statements – Financial statements of a reporting entity whose boundary is based on direct control only.
Separate financial statements – are those presented by an entity in which the entity could elect, subject to the requirements in IAS 27 Separate financial statements, to account for its investments in subsidiaries, joint ventures and associates either at cost, in accordance with IFRS 9 Financial Instruments, or using the equity method as described in IAS 28 Investments in Associates and Joint Ventures. Separate financial statements are unconsolidated financial statements and those presented in addition to consolidated financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in associates or joint ventures in which the investments in associates or joint ventures are required by IAS 28 to be accounted for using the equity method.
Company financial statements – these are not defined by IFRS as such, but are a common financial identification of the separate financial statements of the parent company included in the consolidated financial statements of that parent.
When a parent elects not to prepare consolidated financial statements and instead prepares separate financial statements, it shall disclose in those separate financial statements:
- the fact that the financial statements are separate financial statements; that the exemption from consolidation has been used; the name and principal place of business (and country of incorporation, if different) of the entity whose consolidated financial statements that comply with International Financial Reporting Standards have been produced for public use; and the address where those consolidated financial statements are obtainable.
- a list of significant investments in subsidiaries, joint ventures and associates, including:
- the name of those investees.
- the principal place of business (and country of incorporation, if different) of those investees.
- its proportion of the ownership interest (and its proportion of the voting rights, if different) held in those investees.
- a description of the method used to account for the investments listed under (b).
See also: https://www.ifrs.org