IASB publishes final standards on consolidation, joint ventures and disclosures
May 12, 2011
Today, the IASB published its "package of five" new and revised standards addressing the accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities.
Each of the five standards have an effective date for annual 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' are also early applied. However, entities are permitted to incorporate any of the disclosure requirements in IFRS 12 into their financial statements without technically early applying the provisions of IFRS 12 (and thereby each of the other four standards).
The standards are available to eIFRS subscribers (link to IASB website).
- IASB press release (link to IASB website)
- Our detailed summaries of
- Deloitte podcasts on the newly published standards