Analyse the similarities and differences between the accounting treatment for Parent's assets and liabilities and Subsidy’s assets and liabilities in the individual financial statements versus the consolidated financial statements

Standalone financial statements, also known as individual financial statements or company-level financial statements, provide a detailed view of the financial performance and position of a single entity, typically a parent company.  Consolidated financial statements, on the other hand, provide a comprehensive view of the financial performance and position of a group of related companies, often referred to as a "consolidated group" or a "group of companies."