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| International Financial Reporting Standard (IFRS) 10 |
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IFRS 10 Consolidated Financial Statements --> First issued in May 2011 with the title, "Consolidated Financial Statements" --> Changed the title of IAS 27 to "Separate Financial Statements" |
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Consolidated financial statements are prepared --> when an entity controls other entities. |
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Who prepares consolidated financial statements? --> An entity that is a parent |
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A parent is --> an entity that controls other entities. |
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A subsidiary is --> an entity that is controlled by another entity. |
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When does an investor control an investee? --> When an investor has all of (1), (2) and (3). (1) power to direct activities of the investee (2) ability to use power to affect the returns (3) exposure (or rights) to variable returns from the investment |
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Definition of control by IAS 27 before the revision in May 2011. --> Control is the power to govern (A) to obtain benefits. (A) the financial and operating policies of an entity |
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A parent entity prepares consolidated financial statements --> by applying uniform accounting policies --> for like transactions |
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Non-controlling interests are presented --> withing equity --> separately from the equity of (B) (B) owners of the parent |
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