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Basis for Conclusions – Subsidiaries – Section 1591

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Mar 30, 2015

On March 30, 2015, the Accounting Standards Board (AcSB) published a document sets out how it reached its conclusions.

As well, the document sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the AcSB dealt with the issues raised.

The document summarizes considerations that were deemed significant by the members of the AcSB in reaching their conclusions in developing Section 1591, Subsidiaries, in Part II of the Handbook. Section 1591 replaces Section 1590, Subsidiaries, and Accounting Guideline AcG-15, Consolidation of Variable Interest Entities.

Section 1591 was developed by modifying Section 1590 to incorporate additional guidance on accounting for subsidiaries controlled through rights other than equity interests and necessary consequential changes. The additional guidance was developed based on adapting guidance from IFRS 10 Consolidated Financial Statements. Other aspects of Section 1590, including the control definition, the accounting policy to account for subsidiaries using the cost or equity method, and guidance on entities controlled through voting interests, were carried forward unchanged.

Review the document.

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