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IAS 27 — Separate Financial Statements (2011)

Effective date:

Effective for annual periods beginning on or after January 1, 2013, except for subsequent amendments. Earlier application of IAS 27 Separate Financial Statements (2011) is permitted if IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of interests in Other Entities, and IAS 28 Investments in Associates and Joint Ventures (2011) are applied at the same time.

Published by the IASB:

May 2011

Included in Part I of CPA Canada Handbook:

September 2011

Overview

IAS 27 Separate Financial Statements (as amended in 2011) outlines the accounting and disclosure requirements for 'separate financial statements', which are financial statements prepared by a parent, or an investor in a joint venture or associate, where those investments are accounted for either at cost or in accordance with IAS 39 Financial Instruments: Recognition and Measurement or IFRS 9 Financial Instruments. The standard also outlines the accounting requirements for dividends and contains numerous disclosure requirements.

History of IAS 27 (as amended in 2011)

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.

Date1

Development

Comments

Included in Part I of the CPA Canada Handbook2

May 12, 2011

Reissued as IAS 27 Separate Financial Statements (as amended in 2011). Consolidation requirements previously forming part of IAS 27 (2008) have been revised and are now contained in IFRS 10 Consolidated Financial Statements

 

This standard was amended as a result of issuing a new standard on consolidated financial statements. Requirements relating to consolidated financial statements have been removed and placed in IFRS 10 Consolidated Financial Statements. Requirements from IAS 28 Investments in Associates (as revised in 2003) and IAS 31 Interests in Joint Ventures have been relocated to this standard to create one standard that deals with separate financial statements.

A requirement has been added to disclose the name and principal place of business of investees that are significant to the parent entity in its separate financial statements when the parent entity has produced consolidated financial statements that comply with IFRSs.

These new standards, issued by the International Accounting Standards Board (IASB) in May 2011, are effective for annual periods beginning on or after January 1, 2013. Earlier application of IFRS 10, IFRS 11, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) are permitted if IFRS 10, IFRS 11, IFRS 12IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) are applied at the same time. An entity is encouraged to provide information required by IFRS 12 earlier than annual periods beginning on or after January 1, 2013.

September 2011

October 31, 2012

Amended by Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)

 

The amendments require an investment entity to measure its investments in subsidiaries at fair value through profit or loss when it presents separate financial statements.

The amendments are effective for annual periods beginning on or after January 1, 2014. Earlier application is permitted.

January 2013

August 12, 2014

Amended by Equity Method in Separate Financial Statements (Amendments to IAS 27)

 

The amendments permit an entity to use the equity method to account for investments in subsidiaries, joint ventures and associates in the entity's separate financial statements.

The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.

November 2014

 Notes

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process
The above summary does not include details of consequential amendments made as the result of other projects.

Related IFRIC Agenda Rejection Notices

This summary provides a list of items not added to the IFRS Interpretations Committee's agenda in relation to both IAS 27 Separate Financial Statements (2011) and earlier versions of IAS 27 Consolidated and Separate Financial Statements.

The rejection notices are available in our Deloitte Global section.

  • IAS 27 & IAS 28 — Impairment of investments in associates in separate financial statements (January 2013)
  • IAS 27 & IFRS 10 — Non-cash acquisition of a non-controlling interest (NCI) by a controlling shareholder in the consolidated financial statements (January 2013)
  • IAS 27 — Group organisations in separate financial statements (September 2011)
  • IAS 27 — Put options written over non-controlling interests (September 2010)
  • IAS 27 — Combined financial statements and redefining the reporting entity (January 2010)
  • IAS 27 — Presentation of comparatives when applying the ‘pooling of interests’ method (January 2010)
  • IAS 27 — Transaction costs for non-controlling interests (July 2009)
  • IAS 27 — Relinquishment of control (November 2006)
  • IAS 27 — Separate financial statements issued before consolidated financial statements (March 2006)

Amendments under consideration

Correction list for hyphenation

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