Effective date of IFRS 10
On 12 May 2011, the IASB issued IFRS 10 Consolidated Financial Statements, which is a replacement of IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation - Special Purpose Entities. IFRS 10 uses control as the single basis for consolidation, irrespective of the nature of the investee, eliminating the risk and rewards approach in SIC-12.
Concurrent with IFRS 10, the IASB also issued IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Involvement with Other Entities, IAS 27 Separate Financial Statements (2011) and IAS 28 Investments in Associates and Joint Arrangements.
Each of the standards in the 'package of five' has an effective date for annual reporting periods beginning on or after 1 January 2013, with earlier application permitted so long as each of the other standards in the 'package of five' is also early applied. However, entities are permitted to incorporate any of the disclosure requirements in IFRS 12 into their financial statements without early adopting IFRS 12 (and thereby the other standards in the 'package of five').