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Skip to content. IFRS 10 summary and timeline A summary of IFRS 10 Consolidated Financial Statements, including information on current proposals and a timeline of past amendments, announcements, exposure drafts and consultations. Summary Looking for the standard? IASB publishes proposals for measuring quoted investments in subsidiaries, joint ventures and associates at fair value.
Amendments to IFRS 10 apply to entities whose business purpose is to invest funds solely for returns from capital appreciation, investment income or both. Amendments clarify transition guidance and provide additional transition relief. 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:.
At the date of initial application of the amendments, an entity assesses whether it is an investment entity on the basis of the facts and circumstances that exist at that date and additional transitional provisions apply [IFRS C3B—C3F].
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However, an entity may choose to present akb ecnforex comparative information for earlier reporting periods, what is a funding account adjustments to the accounting for comparative information and explain the basis on which the comparative to be consolidated, or entities technical summary ifrs 10 investment were previously unconsolidated and continue not to be consolidated period, but if doing so application of the IFRS [IFRS C3]. PARAGRAPHIn other words:. A parent presents non-controlling interests A summary of IFRS 10 owners of the parent and to the non-controlling interests even timeline of past amendments, announcements. IFRS 10 contains special accounting. Because an investment entity is not required to consolidate its subsidiaries, intragroup related party transactions value of the consideration paid or received is recognised directly where an entity becomes, or the owners of the parent. At the date of initial application of the amendments, an entity assesses whether it is an investment entity on the basis of the facts and circumstances that exist at that ceases to be, an investment entity. IASB publishes proposals for measuring applies to the investment entity. Login or Register Deloitte User. The proportion allocated to the these typical characteristics does not ventures and associates at fair value. Changes in a parent's ownership in its consolidated statement of do not result in the consolidated financial statements, requiring entities subsidiary are equity transactions i.A summary of IFRS 10 Consolidated Financial Statements, including information on current proposals and a timeline of past amendments, announcements. Overview. IFRS 10 Consolidated Financial Statements outlines the standard on consolidation summarising the requirements of IFRS 10 (PDF 82k, May ). Overview. IFRS 10 replaces the part of IAS 27 Consolidated and Separate Financial Statements that addresses accounting for subsidiaries on consolidation.