Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 12/05/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Consolidation: new single control model (2011/14) 

IFRS 10 Consolidated Financial Statements introduces a new approach to determining which investees should be consolidated. It was issued by the IASB on 12 May 2011. IFRS 10 will be effective for annual periods beginning on or after 1 January 2013 and contains specific transition requirements.
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Highlights

  • Single control model introduced to assess whether to consolidate an investee.
  • Substantive potential voting rights held by the investor and other parties taken into account when assessing control.
  • De facto control explicitly included in new control model.
  • Agent vs principal concept explicitly introduced.
  • New requirements effective in annual periods beginning on or after 1 January 2013.

 

PDF iconSupplement to In the Headlines 2011/14 [PDF 769KB]
IFRS Briefing Sheets - International financial reporting updates