22The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements shall be prepared as of the same date. Earlier application is permitted.
Paragraphs 38 and 40–43 apply when an entity prepares separate financial statements that comply with International Financial Reporting Standards.
34If a parent loses control of a subsidiary, it: (a)derecognises the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts at the date when control is lost; (b)derecognises the carrying amount of any non-controlling interests in the former subsidiary at the date when control is lost (including any components of other comprehensive income attributable to them); (i)the fair value of the consideration received, if any, from the transaction, event or circumstances that resulted in the loss of control; and. financial statements rather than the Illustration 1 shows an example of a typical group structure. 28Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Resources (This includes links to the latest standards, drafts, PwC interpretations, tools and practice aids for this topic), Requirement to disclosemore information on relatedundertakings in the notes tothe accounts. In such cases, consolidated financial statements prepared and presented in accordance with this Standard are also prepared so as to comply with IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures. For example, the disclosures required by IFRS 8 Operating Segments help to explain the significance of different business activities within the group. It also could occur as a result of a contractual agreement. Step acquisition This is accounted for as an equity transaction with owners (like acquisition of ‘treasury shares’). 45BCost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27), issued in May 2008, deleted the definition of the cost method from paragraph 4 and added paragraph 38A. 38 When an entity prepares separate financial statements, it shall account for investments in subsidiaries, jointly controlled entities and associates: The entity shall apply the same accounting for each category of investments. All Rights Reserved. (b)They form a single transaction designed to achieve an overall commercial effect. 7The financial statements of an entity that does not have a subsidiary, associate or venturer’s interest in a jointly controlled entity are not separate financial statements.
24Consolidated financial statements shall be prepared using uniform accounting policies for like transactions and other events in similar circumstances.
Control also exists when the parent owns half or less of the voting power of an entity when there is: 2. to related undertakings registered or 41The following disclosures shall be made in consolidated financial statements: (a)the nature of the relationship between the parent and a subsidiary when the parent does not own, directly or indirectly through subsidiaries, more than half of the voting power; (b)the reasons why the ownership, directly or indirectly through subsidiaries, of more than half of the voting or potential voting power of an investee does not constitute control; (c)the end of the reporting period of the financial statements of a subsidiary when such financial statements are used to prepare consolidated financial statements and are as of a date or for a period that is different from that of the parent’s financial statements, and the reason for using a different date or period; (d)the nature and extent of any significant restrictions (eg resulting from borrowing arrangements or regulatory requirements) on the ability of subsidiaries to transfer funds to the parent in the form of cash dividends or to repay loans or advances; (e)a schedule that shows the effects of any changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control on the equity attributable to owners of the parent; and. related undertakings (that is, subsidiaries, IAS 27 deals with the accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements. annual return, this may draw attention (f)recognises any resulting difference as a gain or loss in profit or loss attributable to the parent. Thereafter, apply IAS 28, IAS 31, or IAS 39, as appropriate, to the remaining holding. (d)power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body. + free IFRS mini-course. How to deal with CAPEX threshold for your PPE?
27Non-controlling interests shall be presented in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent.
9A parent, other than a parent described in paragraph 10, shall present consolidated financial statements in which it consolidates its investments in subsidiaries in accordance with this Standard. Therefore, if a gain or loss previously recognised in other comprehensive income would be reclassified to profit or loss on the disposal of the related assets or liabilities, the parent reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses control of the subsidiary. related undertaking. 35If a parent loses control of a subsidiary, the parent shall account for all amounts recognised in other comprehensive income in relation to that subsidiary on the same basis as would be required if the parent had directly disposed of the related assets or liabilities. An entity shall not restate the carrying amount of an investment in a former subsidiary if control was lost before it applies those amendments. Warning, this action will download the whole document into PDF format.
40Investments in jointly controlled entities and associates that are accounted for in accordance with IAS 39 in the consolidated financial statements shall be accounted for in the same way in the investor’s separate financial statements. 21Intragroup balances and transactions, including income, expenses and dividends, are eliminated in full.
Similarly, if a revaluation surplus previously recognised in other comprehensive income would be transferred directly to retained earnings on the disposal of the asset, the parent transfers the revaluation surplus directly to retained earnings when it loses control of the subsidiary. Accounting for investments in subsidiaries, jointly controlled entities and associates in separate financial statements. Warning, this action will add the whole document to my documents. Please see www.pwc.com/structure for further details. 23When, in accordance with paragraph 22, the financial statements of a subsidiary used in the preparation of consolidated financial statements are prepared as of a date different from that of the parent’s financial statements, adjustments shall be made for the effects of significant transactions or events that occur between that date and the date of the parent’s financial statements. Relevant information is provided by consolidating such subsidiaries and disclosing additional information in the consolidated financial statements about the different business activities of subsidiaries. IAS 27 deals with the accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements.
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