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Consolidation

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IAS 27 — Consolidated and Separate Financial Statements (2008)
IAS 27 outlines when an entity must consolidate another entity, how to account for a change in ownership interest, how to prepare separate financial statements, and related disclosures. Consolidation is based on the concept of 'control' which is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. IAS 27 was reissued in January 2008 and applies to annual periods beginning on or after 1 July 2009, and is superseded by IAS 27 'Separate Financial Statements' and IFRS 10 'Consolidated Financial Statements' with effect from annual periods beginning on or after 1 January 2013.
IAS 27 — Separate Financial Statements (2011)
IAS 27 (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/IFRS 9. The standard also outlines the accounting requirements for dividends and contains numerous disclosure requirements. IAS 27 was reissued in May 2011 and applies to annual periods beginning on or after 1 January 2014 (EU effective date) and annual periods beginning on or after 1 January 2013 (IASB effective date), superseding IAS 27 'Consolidated and Separate Financial Statements' from that date. Although the EU regulation adopting this standard/amendment has set a later effective date for mandatory application, earlier adoption is permitted. Entities early adopting this standard must also adopt the other standards included in the 'suite of five' standards on consolidation, ...
IAS 28 — Investments in Associates (2003)
IAS 28 outlines the accounting for investments in associates. An associate is an entity over which an investor has significant influence, being the power to participate in the financial and operating policy decisions of the investee (but not control or joint control), and investments in associates are, with limited exceptions, required to be accounted for using the equity method. IAS 28 was reissued in December 2003, applies to annual periods beginning on or after 1 January 2005, and is superseded by IAS 28 'Investments in Associates and Joint Ventures' and IFRS 12 'Disclosure of Interests in Other Entities' with effect from annual periods beginning on or after 1 January 2013.
IFRS 10 — Consolidated Financial Statements
IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013 (IASB effective date) and annual periods beginning on or after 1 January 2014 (EU effective date). Although the EU regulation adopting this standard/amendment has set a later effective date for mandatory application, earlier adoption is permitted. Entities early adopting this standard must also adopt the other standards included in the 'suite of five' standards on consolidation, joint arrangements and disclosures: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IAS 27 Separate Financial Statements (2011) and IAS 28 ...
IFRS 12 — Disclosure of Interests in Other Entities
IFRS 12 is a consolidated disclosure standard requiring a wide range of disclosures about an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated 'structured entities'. Disclosures are presented as a series of objectives, with detailed guidance on satisfying those objectives. IFRS 12 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2014 (EU effective date) and annual periods beginning on or after 1 January 2013 (IASB effective date). Although the EU regulation adopting this standard/amendment has set a later effective date for mandatory application, earlier adoption is permitted. Entities are encouraged to voluntarily provide the information required by IFRS 12 prior to its adoption. Providing some of the disclosures required by IFRS 12 does not compel an entity to comply with all of the requirements of the IFRS or to also apply the other standards included in the 'suite of five' standards on consolidation, joint ...

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