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International Accounting Standards (IAS)
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Accounting Standard (IAS) 27
Consolidated and Separate Financial Statements
International Financial
Reporting Standards (IFRS) |
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International Accounting
Standards (IAS) |
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U.S. GAAP by Topic |
| International Accounting Standard (IAS) 27 |
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IAS 27
Consolidated and Separate Financial Statements Issued in
April 1989 Revised in
December 2003 Recent amendment:
Amended in January 2008 |
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The term "non-controlling
interest" replaced "minority interest" --> amended in January 2008 |
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Non-controlling interest --> equity in a subsidiary --> not attributable to a parent (directly or indirectly) |
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A parent --> an entity that owns one or more subsidiaries |
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A
subsidiary --> an entity that is controlled by the parent |
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Consolidated financial statements are presented by a parent. |
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All
subsidiaries are included in consolidated financial statements. |
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Consolidated financial statements present --> financial information of the parent and its subsidiaries --> as a single economic entity |
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Steps: (1) Eliminate --> parent's investment in subsidiaries and --> parent's portion of subsidiary's equity (2) Identity --> non-controlling interests --> in the profit or loss of consolidated subsidiaries (3) Identity --> non-controlling interests --> in the net assets of consolidated subsidiaries |
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Eliminate
(in full): (1) intragroup balances (2) intragroup transactions (3) intragroup income and expenses |
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Uniform accounting policies are used --> in preparing consolidated financial statements |
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Non-controlling interests --> presented in the consolidated statement of financial position --> in the equity section |
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Non-controlling interests --> reported separately from the equity of --> the owners of the parent |
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