Consolidated Financial Statement

The company's financial statements allow investors to view the flow of funds for the company. It will record the funds you have entered and the funds you have made. The Financial Accounting Standards Board (FASB) implements the reporting methods, disclosure methods and regulations on the consolidated financial statements and other regulations that affect variable interests and noncontrolling interests. If you own the parent company and its subsidiaries, consolidated financial statements are used.

Management's responsibility is to create and present the Company's consolidated financial statements and the overall accuracy and completeness of the company's financial reporting. The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and contain amounts based on management's best estimates and judgments. The financial information contained in other parts of this Annual Report is consistent with the information contained in the consolidated financial statements.

The University of California system requires annual audits of consolidated financial statements. The financial statements of the University of California at San Francisco are included in the consolidated financial statements of the University of California, California. The financial statements of the University of California at San Francisco are not independently audited. In accordance with the policy of the university approved by the Board, each district can establish a separate foundation to provide valuable assistance for campus and university funding, public relations and other assistance. Established in 1982, the University of California San Francisco Foundation (Foundation) is a non-profit, non-profit organization that accepts and manages all of the funds raised at the University of California San Francisco. It is operated by an independent board of directors, but the foundation is related to the UCSF's sole interest and its assets are dedicated to it.

Although there are specific industry specific exceptions (such as investment companies), consolidated financial statements are necessary, and if there are specific conditions, since the parent company itself is a wholly owned or partially owned subsidiary, the preparation of consolidated financial statements Exemption was limited. I'm satisfied. Investment companies never merge entities that may require a merger (for example, majority equity companies). Conversely, equity investments in these entities are reflected in fair value as individual items in the financial statements. The parent company of the investment company must maintain the fair value accounting of the subsidiary of the investment company in the parent company's consolidated financial statements.