Single entity definition
/What is a Single Entity?
A single entity is an operating unit for which financial information is reported. A single entity may be a separate legal entity, a subsidiary, department, or any other designation – as long as information is collected specifically for it, and decisions are made based on that information.
Example of a Single Entity
The following are all examples of single entities:
Subsidiary. The CEO of a conglomerate requests that a single entity report be generated that shows the financial performance of its North American subsidiary.
Department. The manager of a production company conducts a reorganization that results in the business being split into five areas of reporting responsibility. Each one can be classified as a single entity for reporting purposes.
Sole proprietorship. Mark runs a flower shop, where he is the only employee. The entity can be considered a single entity.