IFRS expert David Cairns provides
a round-up of the key changes in international accounting standards
and developments at the International Accounting Standards Board
IASB
Consolidated Financial Statements
The International Accounting Standards Board has published Exposure
Draft 10, Consolidated Financial Statements, which would replace IAS 27, Consolidated and
Separate Financial Statements, and SIC 12, Consolidation: Special Purpose Entities – Relinquishment of
control. The proposals are unlikely to affect straightforward
parent-subsidiary relationships but may have a significant effect
on whether or not consolidation is required for more complex relationships,
for example structured (special purpose) entities and those relationships
involving de facto control.
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