As of Release 3.0, hierarchical report selections are available for almost all SAP applications. You can find this function in the respective application menu as the first entry of the Information system, thus also for Consolidation under 'Info system -> Report selection. The report selection is designed like the information system and will replace it completely in a later release.
Report selection is used
Under the term "Reports" we here understand
When customizing the Report Selection, you determine
For more information, please refer to the Implementation Guide in the chapter 'Information System' under the step Make report selection.