In what scenario should combining financial statements be presented first?

Combining financial statements should be presented first because they provide a comprehensive overview of the financial position and operating results of multiple funds or entities aggregated into a single set of statements. This presentation helps stakeholders understand the overall financial health and performance before delving into the details of individual fund statements.

Presenting combined statements first allows users to grasp the broader financial context, which is especially important for evaluating how individual funds interact and contribute to the overall financial situation. It sets the stage for more detailed analysis, ensuring that the audience has the necessary background information to appreciate the specific details that follow in the individual fund statements. This approach is consistent with best practices for financial reporting, promoting clarity and facilitating better decision-making for users of the financial information.