Premium PDF Package. A short summary of this paper. This amendment, which related to accounting for non-controlling interests and the loss of control of subsidiaries, was done in conjunction with amendments to IFRS 3 Business Combinations. These amendments clarified the transition guidance in IFRS Furthermore, these amendments provided additional transition relief in IFRS 10, limiting the requirement to present adjusted comparative information to only the annual period immediately preceding the first annual period for which IFRS 10 is applied.
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. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
Earlier application is permitted. For example, entities varied in their application of the control concept in circumstances in which a reporting entity controls another entity but holds less than a majority of the voting rights of the entity, and in circumstances involving agency relationships. IAS 27 required the consolidation of entities that are controlled by a reporting entity, and it defined control as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
SIC, which interpreted the requirements of IAS 27 in the context of special purpose entities, placed greater emphasis on risks and rewards. A limited exemption is available to some entities. General requirements IN7 The IFRS defines the principle of control and establishes control as the basis for determining which entities are consolidated in the consolidated financial statements. The IFRS also sets out the accounting requirements for the preparation of consolidated financial statements.
IN9 The IFRS sets out requirements on how to apply the control principle: a in circumstances when voting rights or similar rights give an investor power, including situations where the investor holds less than a majority of voting rights and in circumstances involving potential voting rights. IN10 The IFRS requires an investor to reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control.
IN11 When preparing consolidated financial statements, an entity must use uniform accounting policies for reporting like transactions and other events in similar circumstances. Intragroup balances and transactions must be eliminated. Non-controlling interests in subsidiaries must be presented in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent.
Meeting the objective 2 To meet the objective in paragraph 1, this IFRS: a requires an entity the parent that controls one or more other entities subsidiaries to present consolidated financial statements; b defines the principle of control, and establishes control as the basis for consolidation; c sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee; d sets out the accounting requirements for the preparation of consolidated financial statements; and e defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity.
Scope 4 An entity that is a parent shall present consolidated financial statements. Control 5 An investor, regardless of the nature of its involvement with an entity the investee , shall determine whether it is a parent by assessing whether it controls the investee. The investor shall reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed in paragraph 7 see paragraphs B80—B In such cases, because no investor can direct the activities without the co-operation of the others, no investor individually controls the investee.
Sometimes assessing power is straightforward, such as when power over an investee is obtained directly and solely from the voting rights granted by equity instruments such as shares, and can be assessed by considering the voting rights from those shareholdings. In other cases, the assessment will be more complex and require more than one factor to be considered, for example when power results from one or more contractual arrangements. Evidence that the investor has been directing relevant activities can help determine whether the investor has power, but such evidence is not, in itself, conclusive in determining whether the investor has power over an investee.
However, an investor that holds only protective rights does not have power over an investee see paragraphs B26—B28 , and consequently does not control the investee. For example, holders of non-controlling interests can share in the profits or distributions of an investee. An investor that is an agent in accordance with paragraphs B58—B72 does not control an investee when it exercises decision-making rights delegated to it.
Non-controlling interests 22 A parent shall present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent. Loss of control 25 If a parent loses control of a subsidiary, the parent: a derecognises the assets and liabilities of the former subsidiary from the consolidated statement of financial position.
That fair value shall be regarded as the fair value on initial recognition of a financial asset in accordance with IFRS 9 or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture.
Determining whether an entity is an investment entity 27 A parent shall determine whether it is an investment entity. Paragraphs B85A—B85M provide related application guidance. The absence of any of these typical characteristics does not necessarily disqualify an entity from being classified as an investment entity. An investment entity that does not have all of these typical characteristics provides additional disclosure required by paragraph 9A of IFRS 12 Disclosure of Interests in Other Entities.
Investment entities: exception to consolidation 31 Except as described in paragraph 32, an investment entity shall not consolidate its subsidiaries or apply IFRS 3 when it obtains control of another entity. Instead, an investment entity shall measure an investment in a subsidiary at fair value through profit or loss in accordance with IFRS 9. It describes the application of paragraphs 1—26 and has the same authority as the other parts of the IFRS.
B1 The examples in this appendix portray hypothetical situations. Although some aspects of the examples may be present in actual fact patterns, all facts and circumstances of a particular fact pattern would need to be evaluated when applying IFRS B4 When assessing control of an investee, an investor shall consider the nature of its relationship with other parties see paragraphs B73—B Purpose and design of an investee B5 When assessing control of an investee, an investor shall consider the purpose and design of the investee in order to identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities.
In the most straightforward case, the investor that holds a majority of those voting rights, in the absence of any other factors, controls the investee. B7 To determine whether an investor controls an investee in more complex cases, it may be necessary to consider some or all of the other factors in paragraph B3. B8 An investee may be designed so that voting rights are not the dominant factor in deciding who controls the investee, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
Consideration of the risks includes not only the downside risk, but also the potential for upside. Power B9 To have power over an investee, an investor must have existing rights that give it the current ability to direct the relevant activities. For the purpose of assessing power, only substantive rights and rights that are not protective shall be considered see paragraphs B22—B B10 The determination about whether an investor has power depends on the relevant activities, the way decisions about the relevant activities are made and the rights the investor and other parties have in relation to the investee.
Relevant activities and direction of relevant activities B11 For many investees, a range of operating and financing activities significantly affect their returns. Examples of activities that, depending on the circumstances, can be relevant activities include, but are not limited to: a selling and purchasing of goods or services; b managing financial assets during their life including upon default ; c selecting, acquiring or disposing of assets; d researching and developing new products or processes; and e determining a funding structure or obtaining funding.
B13 In some situations, activities both before and after a particular set of circumstances arises or event occurs may be relevant activities. The investors shall reconsider this assessment over time if relevant facts or circumstances change. Application examples Example 1 Two investors form an investee to develop and market a medical product.
One investor is responsible for developing and obtaining regulatory approval of the medical product—that responsibility includes having the unilateral ability to make all decisions relating to the development of the product and to obtaining regulatory approval. Once the regulator has approved the product, the other investor will manufacture and market it—this investor has the unilateral ability to make all decisions about the manufacture and marketing of the product. The equity tranche is designed to absorb the first losses and to receive any residual return from the investee.
One of the equity investors who holds 30 per cent of the equity is also the asset manager. The investee uses its proceeds to purchase a portfolio of financial assets, exposing the investee to the credit risk associated with the possible default of principal and interest payments of the assets.
The transaction is marketed to the debt investor as an investment with minimal exposure to the credit risk associated with the possible default of the assets in the portfolio because of the nature of these assets and because the equity tranche is designed to absorb the first losses of the investee. All those activities are managed by the asset manager until defaults reach a specified proportion of the portfolio value ie when the value of the portfolio is such that the equity tranche of the investee has been consumed.
From that time, a third-party trustee manages the assets according to the instructions of the debt investor. The asset manager has the ability to direct the relevant activities until defaulted assets reach the specified proportion of the portfolio value; the debt investor has the ability to direct the relevant activities when the value of defaulted assets surpasses that specified proportion of the portfolio value.
Rights that give an investor power over an investee B14 Power arises from rights. To have power over an investee, an investor must have existing rights that give the investor the current ability to direct the relevant activities. The rights that may give an investor power can differ between investees. To determine whether an investor has rights sufficient to give it power, the investor shall consider the purpose and design of the investee see paragraphs B5—B8 and the requirements in paragraphs B51—B54 together with paragraphs B18—B In such cases, to enable the assessment of power to be made, the investor shall consider evidence of whether it has the practical ability to direct the relevant activities unilaterally.
B19 Sometimes there will be indications that the investor has a special relationship with the investee, which suggests that the investor has more than a passive interest in the investee. However, having more than a passive interest in the investee may indicate that the investor has other related rights sufficient to give it power or provide evidence of existing power over an investee. For example, there may be a situation in which an investor is entitled, or exposed, to more than half of the returns of the investee but holds less than half of the voting rights of the investee.
Therefore, having a large exposure to variability of returns is an indicator that the investor may have power. Substantive rights B22 An investor, in assessing whether it has power, considers only substantive rights relating to an investee held by the investor and others. For a right to be substantive, the holder must have the practical ability to exercise that right.
Factors to consider in making that determination include but are not limited to: a Whether there are any barriers economic or otherwise that prevent the holder or holders from exercising the rights. Examples of such barriers include but are not limited to: i financial penalties and incentives that would prevent or deter the holder from exercising its rights. The lack of such a mechanism is an indicator that the rights may not be substantive.
The more parties that are required to agree to exercise the rights, the less likely it is that those rights are substantive. However, a board of directors whose members are independent of the decision maker may serve as a mechanism for numerous investors to act collectively in exercising their rights. Therefore, removal rights exercisable by an independent board of directors are more likely to be substantive than if the same rights were exercisable individually by a large number of investors.
For example, the holder of potential voting rights in an investee see paragraphs B47—B50 shall consider the exercise or conversion price of the instrument. B24 To be substantive, rights also need to be exercisable when decisions about the direction of the relevant activities need to be made.
Usually, to be substantive, the rights need to be currently exercisable. However, sometimes rights can be substantive, even though the rights are not currently exercisable. Application examples Example 3 The investee has annual shareholder meetings at which decisions to direct the relevant activities are made. However, shareholders that individually or collectively hold at least 5 per cent of the voting rights can call a special meeting to change the existing policies over the relevant activities, but a requirement to give notice to the other shareholders means that such a meeting cannot be held for at least 30 days.
This includes the approval of material sales of assets as well as the making or disposing of significant investments. The above fact pattern applies to examples 3A—3D described below. Each example is considered in isolation. Example 3A An investor holds a majority of the voting rights in the investee. The fact that it takes 30 days before the investor can exercise its voting rights does not stop the investor from having the current ability to direct the relevant activities from the moment the investor acquires the shareholding.
Example 3B An investor is party to a forward contract to acquire the majority of shares in the investee. The existing shareholders are unable to change the existing policies over the relevant activities because a special meeting cannot be held for at least 30 days, at which point the forward contract will have been settled. Thus, the investor has rights that are essentially equivalent to the majority shareholder in example 3A above ie the investor holding the forward contract can make decisions about the direction of the relevant activities when they need to be made.
The same conclusion would be reached as in example 3B. Example 3D An investor is party to a forward contract to acquire the majority of shares in the investee, with no other related rights over the investee. In contrast to the examples above, the investor does not have the current ability to direct the relevant activities.
The existing shareholders have the current ability to direct the relevant activities because they can change the existing policies over the relevant activities before the forward contract is settled. B25 Substantive rights exercisable by other parties can prevent an investor from controlling the investee to which those rights relate.
Such substantive rights do not require the holders to have the ability to initiate decisions. As long as the rights are not merely protective see paragraphs B26—B28 , substantive rights held by other parties may prevent the investor from controlling the investee even if the rights give the holders only the current ability to approve or block decisions that relate to the relevant activities.
Protective rights B26 In evaluating whether rights give an investor power over an investee, the investor shall assess whether its rights, and rights held by others, are protective rights. Protective rights relate to fundamental changes to the activities of an investee or apply in exceptional circumstances. However, not all rights that apply in exceptional circumstances or are contingent on events are protective see paragraphs B13 and B B27 Because protective rights are designed to protect the interests of their holder without giving that party power over the investee to which those rights relate, an investor that holds only protective rights cannot have power or prevent another party from having power over an investee see paragraph Franchise agreements typically give franchisors some decision-making rights with respect to the operations of the franchisee.
The franchisor does not have power over the franchisee if other parties have existing rights that give them the current ability to direct the relevant activities of the franchisee. B32 By entering into the franchise agreement the franchisee has made a unilateral decision to operate its business in accordance with the terms of the franchise agreement, but for its own account.
B33 Control over such fundamental decisions as the legal form of the franchisee and its funding structure may be determined by parties other than the franchisor and may significantly affect the returns of the franchisee. Voting rights B34 Often an investor has the current ability, through voting or similar rights, to direct the relevant activities. An investor considers the requirements in this section paragraphs B35—B50 if the relevant activities of an investee are directed through voting rights.
Power with a majority of the voting rights B35 An investor that holds more than half of the voting rights of an investee has power in the following situations, unless paragraph B36 or paragraph B37 applies: a the relevant activities are directed by a vote of the holder of the majority of the voting rights, or b a majority of the members of the governing body that directs the relevant activities are appointed by a vote of the holder of the majority of the voting rights.
If another entity has existing rights that provide that entity with the right to direct the relevant activities and that entity is not an agent of the investor, the investor does not have power over the investee. B37 An investor does not have power over an investee, even though the investor holds the majority of the voting rights in the investee, when those voting rights are not substantive. For example, an investor that has more than half of the voting rights in an investee cannot have power if the relevant activities are subject to direction by a government, court, administrator, receiver, liquidator or regulator.
Power without a majority of the voting rights B38 An investor can have power even if it holds less than a majority of the voting rights of an investee. Contractual arrangement with other vote holders B39 A contractual arrangement between an investor and other vote holders can give the investor the right to exercise voting rights sufficient to give the investor power, even if the investor does not have voting rights sufficient to give it power without the contractual arrangement.
However, a contractual arrangement might ensure that the investor can direct enough other vote holders on how to vote to enable the investor to make decisions about the relevant activities. Rights from other contractual arrangements B40 Other decision-making rights, in combination with voting rights, can give an investor the current ability to direct the relevant activities. However, in the absence of any other rights, economic dependence of an investee on the investor such as relations of a supplier with its main customer does not lead to the investor having power over the investee.
B43 When the direction of relevant activities is determined by majority vote and an investor holds significantly more voting rights than any other vote holder or organised group of vote holders, and the other shareholdings are widely dispersed, it may be clear, after considering the factors listed in paragraph B42 a — c alone, that the investor has power over the investee. Application examples Example 4 An investor acquires 48 per cent of the voting rights of an investee.
The remaining voting rights are held by thousands of shareholders, none individually holding more than 1 per cent of the voting rights. None of the shareholders has any arrangements to consult any of the others or make collective decisions. When assessing the proportion of voting rights to acquire, on the basis of the relative size of the other shareholdings, the investor determined that a 48 per cent interest would be sufficient to give it control.
In this case, on the basis of the absolute size of its holding and the relative size of the other shareholdings, the investor concludes that it has a sufficiently dominant voting interest to meet the power criterion without the need to consider any other evidence of power. A shareholder agreement grants investor A the right to appoint, remove and set the remuneration of management responsible for directing the relevant activities. To change the agreement, a two-thirds majority vote of the shareholders is required.
However, investor A determines that its contractual right to appoint, remove and set the remuneration of management is sufficient to conclude that it has power over the investee. The fact that investor A might not have exercised this right or the likelihood of investor A exercising its right to select, appoint or remove management shall not be considered when assessing whether investor A has power. B44 In other situations, it may be clear after considering the factors listed in paragraph B42 a — c alone that an investor does not have power.
Application example Example 6 Investor A holds 45 per cent of the voting rights of an investee. Two other investors each hold 26 per cent of the voting rights of the investee. The remaining voting rights are held by three other shareholders, each holding 1 per cent.
There are no other arrangements that affect decision-making. Only two other investors would need to co-operate to be able to prevent investor A from directing the relevant activities of the investee. B45 However, the factors listed in paragraph B42 a — c alone may not be conclusive.
This includes the assessment of the factors set out in paragraph B18 and the indicators in paragraphs B19 and B Eleven other shareholders each hold 5 per cent of the voting rights of the investee. None of the shareholders has contractual arrangements to consult any of the others or make collective decisions. Additional facts and circumstances that may provide evidence that the investor has, or does not have, power shall be considered. Example 8 An investor holds 35 per cent of the voting rights of an investee.
Three other shareholders each hold 5 per cent of the voting rights of the investee. The remaining voting rights are held by numerous other shareholders, none individually holding more than 1 per cent of the voting rights. None of the shareholders has arrangements to consult any of the others or make collective decisions.
B46 If it is not clear, having considered the factors listed in paragraph B42 a — d , that the investor has power, the investor does not control the investee. Potential voting rights B47 When assessing control, an investor considers its potential voting rights as well as potential voting rights held by other parties, to determine whether it has power.
Potential voting rights are rights to obtain voting rights of an investee, such as those arising from convertible instruments or options, including forward contracts. Those potential voting rights are considered only if the rights are substantive see paragraphs B22—B B48 When considering potential voting rights, an investor shall consider the purpose and design of the instrument, as well as the purpose and design of any other involvement the investor has with the investee.
For example, this is likely to be the case when an investor holds 40 per cent of the voting rights of an investee and, in accordance with paragraph B23, holds substantive rights arising from options to acquire a further 20 per cent of the voting rights.
Application examples Example 9 Investor A holds 70 per cent of the voting rights of an investee. The option is exercisable for the next two years at a fixed price that is deeply out of the money and is expected to remain so for that two-year period. Investor A has been exercising its votes and is actively directing the relevant activities of the investee. In such a case, investor A is likely to meet the power criterion because it appears to have the current ability to direct the relevant activities.
Although investor B has currently exercisable options to purchase additional voting rights that, if exercised, would give it a majority of the voting rights in the investee , the terms and conditions associated with those options are such that the options are not considered substantive. Example 10 Investor A and two other investors each hold a third of the voting rights of an investee.
In addition to its equity instruments, investor A also holds debt instruments that are convertible into ordinary shares of the investee at any time for a fixed price that is out of the money but not deeply out of the money. If the debt were converted, investor A would hold 60 per cent of the voting rights of the investee.
Investor A would benefit from realising synergies if the debt instruments were converted into ordinary shares. Investor A has power over the investee because it holds voting rights of the investee together with substantive potential voting rights that give it the current ability to direct the relevant activities.
Being involved in the design of an investee alone is not sufficient to give an investor control. However, involvement in the design may indicate that the investor had the opportunity to obtain rights that are sufficient to give it power over the investee. Therefore, explicit or implicit decision-making rights embedded in contractual arrangements that are closely related to the investee need to be considered as relevant activities when determining power over the investee.
B53 For some investees, relevant activities occur only when particular circumstances arise or events occur. The investee may be designed so that the direction of its activities and its returns are predetermined unless and until those particular circumstances arise or events occur. The circumstances or events need not have occurred for an investor with the ability to make those decisions to have power. The fact that the right to make decisions is contingent on circumstances arising or an event occurring does not, in itself, make those rights protective.
The servicing on a day-to-day basis includes the collection and passing on of principal and interest payments as they fall due. Upon default of a receivable the investee automatically puts the receivable to an investor as agreed separately in a put agreement between the investor and the investee.
In this example, the design of the investee ensures that the investor has decision-making authority over the activities that significantly affect the returns at the only time that such decision-making authority is required. The terms of the put agreement are integral to the overall transaction and the establishment of the investee. Therefore, the terms of the put agreement together with the founding documents of the investee lead to the conclusion that the investor has power over the investee even though the investor takes ownership of the receivables only upon default and manages the defaulted receivables outside the legal boundaries of the investee.
When the purpose and design of the investee are considered, it is determined that the only relevant activity is managing the receivables upon default. The party that has the ability to manage the defaulting receivables has power over the investee, irrespective of whether any of the borrowers have defaulted. B54 An investor may have an explicit or implicit commitment to ensure that an investee continues to operate as designed.
Therefore a commitment to ensure that an investee operates as designed may be an indicator that the investor has power, but does not, by itself, give an investor power, nor does it prevent another party from having power. Exposure, or rights, to variable returns from an investee B55 When assessing whether an investor has control of an investee, the investor determines whether it is exposed, or has rights, to variable returns from its involvement with the investee.
B56 Variable returns are returns that are not fixed and have the potential to vary as a result of the performance of an investee. Variable returns can be only positive, only negative or both positive and negative see paragraph An investor assesses whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement and regardless of the legal form of the returns.
For example, an investor can hold a bond with fixed interest payments. The fixed interest payments are variable returns for the purpose of this IFRS because they are subject to default risk and they expose the investor to the credit risk of the issuer of the bond. The amount of variability ie how variable those returns are depends on the credit risk of the bond. Link between power and returns Delegated power B58 When an investor with decision-making rights a decision maker assesses whether it controls an investee, it shall determine whether it is a principal or an agent.
An investor shall also determine whether another entity with decision-making rights is acting as an agent for the investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties the principal s and therefore does not control the investee when it exercises its decision-making authority see paragraphs 17 and A decision maker is not an agent simply because other parties can benefit from the decisions that it makes.
B59 An investor may delegate its decision-making authority to an agent on some specific issues or on all relevant activities. When assessing whether it controls an investee, the investor shall treat the decision-making rights delegated to its agent as held by the investor directly. In situations where there is more than one principal, each of the principals shall assess whether it has power over the investee by considering the requirements in paragraphs B5—B Paragraphs B60—B72 provide guidance on determining whether a decision maker is an agent or a principal.
B60 A decision maker shall consider the overall relationship between itself, the investee being managed and other parties involved with the investee, in particular all the factors below, in determining whether it is an agent: a the scope of its decision-making authority over the investee paragraphs B62 and B Different weightings shall be applied to each of the factors on the basis of particular facts and circumstances.
B61 Determining whether a decision maker is an agent requires an evaluation of all the factors listed in paragraph B60 unless a single party holds substantive rights to remove the decision maker removal rights and can remove the decision maker without cause see paragraph B Such rights can be straightforward e.
An investor must be exposed, or have rights, to variable returns from its involvement with an investee to control the investee. Such returns must have the potential to vary as a result of the investee's performance and can be positive, negative, or both. A parent must not only have power over an investee and exposure or rights to variable returns from its involvement with the investee, a parent must also have the ability to use its power over the investee to affect its returns from its involvement with the investee.
When assessing whether an investor controls an investee an investor with decision-making rights determines whether it acts as principal or as an agent of other parties. A number of factors are considered in making this assessment. For instance, the remuneration of the decision-maker is considered in determining whether it is an agent. A parent prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances.
However, a parent need not present consolidated financial statements if it meets all of the following conditions: [IFRS a ]. Investment entities are prohibited from consolidating particular subsidiaries see further information below. A reporting entity includes the income and expenses of a subsidiary in the consolidated financial statements from the date it gains control until the date when the reporting entity ceases to control the subsidiary.
Income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date. The parent and subsidiaries are required to have the same reporting dates, or consolidation based on additional financial information prepared by subsidiary, unless impracticable.
Where impracticable, the most recent financial statements of the subsidiary are used, adjusted for the effects of significant transactions or events between the reporting dates of the subsidiary and consolidated financial statements. The difference between the date of the subsidiary's financial statements and that of the consolidated financial statements shall be no more than three months [IFRS B92, IFRS B93].
A parent presents non-controlling interests in its consolidated statement of financial position within equity, separately from the equity of the owners of the parent. A reporting entity attributes the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests.
The proportion allocated to the parent and non-controlling interests are determined on the basis of present ownership interests. The reporting entity also attributes total comprehensive income to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Changes in a parent's ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions i. When the proportion of the equity held by non-controlling interests changes, the carrying amounts of the controlling and non-controlling interests area adjusted to reflect the changes in their relative interests in the subsidiary.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent. If a parent loses control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture gains or losses resulting from those transactions are recognised in the parent's profit or loss only to the extent of the unrelated investors' interests in that associate or joint venture.
IFRS 10 contains special accounting requirements for investment entities. An entity is required to consider all facts and circumstances when assessing whether it is an investment entity, including its purpose and design. The absence of any of these typical characteristics does not necessarily disqualify an entity from being classified as an investment entity. Because an investment entity is not required to consolidate its subsidiaries, intragroup related party transactions and outstanding balances are not eliminated [IAS Special requirements apply where an entity becomes, or ceases to be, an investment entity.
The exemption from consolidation only applies to the investment entity itself. Accordingly, a parent of an investment entity is required to consolidate all entities that it controls, including those controlled through an investment entity subsidiary, unless the parent itself is an investment entity. There are no disclosures specified in IFRS However, an entity is not required to make adjustments to the accounting for its involvement with entities that were previously consolidated and continue to be consolidated, or entities that were previously unconsolidated and continue not to be consolidated at the date of initial application of the IFRS [IFRS C3].
Furthermore, an entity is not required to present the quantitative information required by paragraph 28 f of IAS 8 for the annual period immediately preceding the date of initial application of the standard the beginning of the annual reporting period for which IFRS 10 is first applied [IFRS C2A-C2B].
However, an entity may choose to present adjusted comparative information for earlier reporting periods, any must clearly identify any unadjusted comparative information and explain the basis on which the comparative information has been prepared [IFRS An entity may apply IFRS 10 to an earlier accounting period, but if doing so it must disclose the fact that is has early adopted the standard and also apply:.
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