Hi @Menaka
Yes, epics can be associated to versions, using either the fixVersion or affectedVersion fields. Fix Version is typically used for release contents and Affected Version is typically used to indicate "which prior versions this Jira issue/defect impacts".
Usually epics are larger work items which have multiple child items, and often the child items are released over time in different releases. As a result it may not make sense to associate the epic to multiple fixVersion values.
When an epic is associated to versions, I would expect that it would impact the version report. Only sub-task types are not included. https://support.atlassian.com/jira-software-cloud/docs/view-and-understand-the-version-report/
Kind regards,
Bill
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