IFRS 10 Consolidated Financial Statements

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.

Accounting made easy, for FREE!

Access the contact form and send us your feedback, questions, etc. We are always welcome to help someone out. You can also contact us if you wish to submit your writing, cartoons, jokes, etc. and we will consider posting them to share with the world! The Facebook and LinkedIn groups are also good areas to find people interested in accounting like yourself, don’t hesitate to join as everyone of all levels are welcome to become part of the community.

Are You Ready to Take Your Accounting Skills to the Next Level on the Information Highway?

How Can We Help?