IFRS 10 Consolidated Financial Statements

IFRS Guide > IFRS 10

IFRS 10 was created to establish principles for the reporting of consolidated financial statements. Consolidated financial statements are the statements of multiple entities which are combined into one all-encompassing report. IFRS 10 supercedes IAS 27 starting January 1, 2013.

The main feature of IFRS 10 is the requirement of a parent company to issue consolidated financial statements, with very limited exception. The entities in which it must include are those it has control over. Any disclosure requirements for those interests in subsidiaries is located in IFRS 12.

IFRS standards differ from IAS standards in that they began being introduced in 2001, whereas IAS were produced prior to this date by the IASC, or the International Accounting Standards Committee. Therefore when an IFRS standard and an IAS standard conflict, the IFRS is generally more authoritative due to being more recent.

Check out more high level explanations of the IASB IFRS in our Guide to IFRS International Financial Reporting Standards!

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