Each month, experts at PwC consider
the accounting implications of key IFRS changes
Accounting considerations for new consolidation, joint arrangements and interests in other entities disclosure standards
ABC plc has a number of special purpose entities (SPEs) that
it consolidates, structured entities that it does not consolidate
and joint arrangements that it proportionately consolidates. It has
a year end of December 2011. Management at ABC plc has seen that IFRS
10, Consolidated Financial Statements, IFRS 11, Joint Arrangements
and IFRS 12, Disclosure of Interests in Other Entitites have been
issued by the IASB. As the effective date for these standards is 1
January 2013 (subject to EU endorsement), ABC plc does not have to
consider the requirements now. Will ABC plc continue to consolidate
all its SPEs under IFRS 10?