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Summarise Ifrs 10 Essay

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In May 2011, the IASB issued IFRS 10, 'Consolidated financial statements', which builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements. The standard provides additional guidance to assist in determining control where this is difficult to assess. This new standard might impact the entities that a group consolidates as its subsidiaries. Straight away 52 provides an overview of IFRS 10. The IASB also issued a revised IAS 27, now entitled ‘Separate financial statements’, which includes the provisions on separate financial statements that are left after the old control provisions are removed from IAS 27. Both standards are effective 1 January 2013, although EU endorsed for 1 January 2014.
In October 2012, the IASB issued amendments to IFRS 10, ‘Consolidated financial statements’, that mean many funds and similar entities will be exempt from consolidating most of their subsidiaries. Instead, they will measure them at fair value through profit or loss. The amendments give an exception to entities that meet an ‘investment entity’ definition and which display particular characteristics. Changes have also been made to IFRS 12 to introduce disclosures that an investment entity needs to make. Straight away 97 has the details.
In December 2012, the IASB issued an exposure draft of proposed narrow-scope amendments to IFRS 10, 'Consolidated financial statements' and IAS 28, 'Investments in associates and joint ventures' (2011). The objective of these proposed amendments is to address an inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of a subsidiary. The main consequence of the proposed amendments is that a full gain or loss would be recognised on the loss of control of a business (whether it is housed in a subsidiary or not), including cases in which...

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"Summarise Ifrs 10". Anti Essays. 10 Dec. 2018

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APA Citation

Summarise Ifrs 10. Anti Essays. Retrieved December 10, 2018, from the World Wide Web: http://snehaedu.com/free-essays/Summarise-Ifrs-10-547388.html