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- IFRS 10: requires an entity (the parent) that controls one or more other entities (subsidiaries) to present consolidated financial statements; defines the principle of control, and establishes control as the basis for consolidation;
www.ifrs.org/issued-standards/list-of-standards/ifrs-10-consolidated-financial-statements/
An entity that is a parent shall present consolidated financial statements. This IFRS applies to all entities, except as follows: (a) a parent need not present consolidated financial statements if it meets all the following conditions: (i) it is a wholly-owned subsidiary or is a partially-owned
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- 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...
May 2, 2024 · Each parent entity is required to prepare consolidated financial statements unless exemptions outlined in IFRS 10 are applicable. Consolidation procedures are typically executed via specialised software wherein subsidiaries input their data for consolidation.
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IFRS 10 establishes principles for presenting and preparing consolidated financial statements when an entity controls one or more other entities. IFRS 10: requires an entity (the parent) that controls one or more other entities (subsidiaries) to present consolidated financial statements;
A parent that is an investment entity must not present consolidated financial statements if it is required to measure all of it subsidiaries at fair value through profit or loss. IFRS 10 applies only to consolidated financial statements.
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IFRS 10 requires parent entities to present consolidated financial statements, with certain exceptions, which differs from US GAAP. Parent entities are exempt from preparing consolidated financial statements when all of the following conditions apply (IFRS 10.4):
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A parent does not need to present consolidated financial statements if it meets all of the following conditions: It is a wholly-owned subsidiary or is a partially-owned subsidiary of another entity and its other owners agree; Its debt or equity instruments are not traded in a public market;
