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International Financial Reporting Standard 10 Consolidated Financial Statements (IFRS 10) is set out in paragraphs 1–33 and Appendices A–D. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard.
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IFRS 10: defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity. Consolidated financial statements are financial statements that present the assets, liabilities, equity, income, expenses and cash flows of a parent and its subsidiaries as those of a single economic entity.
- Objective
- Key DeFINITions
- Control
- Accounting requirements
- Investment Entities ConSolIDaTion Exemption
- Disclosure
- ApPlicABilIty and Early Adoption
The objective of IFRS 10 is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. [IFRS 10:1] The Standard: [IFRS 10:1] 1. requires a parent entity (an entity that controls one or more other entities) to present consolidated financial state...
[IFRS 10:Appendix A] Consolidated financial statements 1. The financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity Control of an investee 1. An investor controls an investee when the investor is expose...
An investor determines whether it is a parent by assessing whether it controls one or more investees. An investor considers all relevant facts and circumstances when assessing whether it controls an investee. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has ...
Preparation of consolidated financial statements A parent prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances. [IFRS 10:19] However, a parent need not present consolidated financial statements if it meets all of the following conditions: [IF...
[Note: The investment entity consolidation exemption was introduced by Investment Entities, issued on 31 October 2012 and effective for annual periods beginning on or after 1 January 2014.] IFRS 10 contains special accounting requirements for investment entities. Where an entity meets the definition of an 'investment entity' (s...
There are no disclosures specified in IFRS 10. Instead, IFRS 12 Disclosure of Interests in Other Entitiesoutlines the disclosures required.
Note: This section has been updated to reflect the amendments to IFRS 10 made in June 2012 and October 2012. IFRS 10 is applicable to annual reporting periods beginning on or after 1 January 2013 [IFRS 10:C1]. Retrospective application is generally required in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates an...
About IFRS 10. IFRS 10 is a new standard which supersedes IAS 27 Consolidated and Separate Financial Statements (“IAS 27”) and SIC-12 Consolidation - Special Purpose Entities (“SIC- 12”). The primary goal behind the new standard was to come up with a single model for control which could be applied to all entities.
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Combine assets, liabilities, income, expenses, cash flows of the parent and subsidiary. Eliminate parent’s investment in each subsidiary with its portion of the subsidiary’s equity. Fully eliminate intra group transactions and balances. Parent and subsidiaries must have uniform accounting policies and reporting dates.
IFRS 10 fits into the broader ‘consolidation package’. 1.1 Summary of IFRS 10’s main requirements Under control? A practical guide to IFRS 10 February 2017 7 Summary of IFRS 10’s main requirements IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements. To meet this objective it:
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ACCOUNTING REQUIREMENTS. A parent shall prepare consolidated F/S using uniform accounting policies for like transactions and other events in similar circumstances. Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee. Appendix B of this IFRS ...
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