SIC-12 — Consolidation – Special Purpose Entities
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Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, except for subsequent amendments. Earlier application of Part I was permitted |
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Published by the IASB: |
November 1998 |
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Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
SIC-12 Consolidation - Special Purpose Entities addresses when a special purpose entity should be consolidated by a reporting enterprise under the consolidation principles in IAS 27 Separate Financial Statements (2011). Under SIC-12, an entity must consolidate a special purpose entity ("SPE") when, in substance, the entity controls the SPE.
History of SIC 12
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
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Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2 |
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January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
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May 12, 2011 |
IFRS 10, Consolidated Financial Statements issued and IFRS 12, Disclosure of Interests in Other Entities issued |
IAS 27, Consolidated and Separate Financial Statements (as amended in 2008) and SIC 12 Consolidation — Special Purpose Entities have been superseded by IFRS 10. Accordingly, IAS 27 (as amended in 2008) and SIC 12 have been withdrawn. IFRS 10 and IFRS 12 are effective for annual periods beginning on or after January 1, 2013. Earlier application of IFRS 10 and IFRS 12 is permitted if IFRS 11, IAS 27 (as amended in 2011) and IAS 28 Investments in Associates and Joint Ventures (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. |
August 2012 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- 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 Standards
- None