what are the objectives of a foreign subsidiary's financial statement?

Answer 1

I'm not sure of what you're asking. The objectives of preparing a subsidiary's financial statements (fs) are the same as those of preparing a parent co's fs. Every co. should prepare its fs. If you meant what are the objectives of consolidating a foreign subsidiary's fs, I can only quote the FASB:
Purpose of Consolidated Financial Statements
176. The Board concluded that the purpose of consolidated financial statements of business enterprises and of not-for-profit organizations is to report the financial position, results of operations, and cash flows of a reporting entity that comprises a parent and its affiliates essentially as if all of their assets, liabilities, and activities were held, incurred, and conducted by a single entity with one or more branches or divisions (paragraph 7). That conclusion affirms the
conclusion of ARB 51, which focused on consolidated financial statements of for-profit companies that issue voting ownership shares. Paragraph 1 of ARB 51 said, “The purpose of consolidated statements is to present, primarily for the benefit of the shareholders and creditors of the parent company, the results of operations and the financial position of a parent company and its subsidiaries essentially as if the group were a single company with one or more branches
or divisions.”

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