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IFRS amendments to IAS 27

IFRS amendments to IAS 27: In April 2001 the International Accounting Standards Board (the Board) adopted IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries, which hadoriginally been issued by the International Accounting Standards Committee in April 1989.
That standard replaced IAS 3 Consolidated Financial Statements (issued in June 1976), except for
those parts that dealt with accounting for investment in associates. In December 2003 the Board issued a revised IAS 27 with a new title—Consolidated and Separate Financial Statements. This revised IAS 27 was part of the IASB’s initial agenda of technical projects. The revised IAS 27 also incorporated the guidance from two related Interpretations (SIC-12 Consolidation—Special Purpose Entities and SIC-33 Consolidation and Equity Method—Potential Voting Rights and Allocation of Ownership Interests).
The Board amended IAS 27 in January 2008 to address the accounting for non-controlling interests and loss of control of a subsidiary as part of its business combinations project.

IFRS amendments to IAS 27

IFRS amendments to IAS 27

IFRS amendments to IAS 27

In May 2011 the Board issued a revised IAS 27 with a modified title—Separate Financial Statements. IFRS 10 Consolidated Financial Statements addresses the principle of control and the requirements relating to the preparation of consolidated financial statements.

IFRS amendments to IAS 27

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In October 2012 IAS 27 was amended by Investment Entities (Amendments to IFRS 10, IFRS 12
and IAS 27). These amendments introduced new disclosure requirements for investment
entities.

IFRS amendments to IAS 27

In August 2014 IAS 27 was amended by Equity Method in Separate Financial Statements
(Amendments to IAS 27). These amendments allowed entities to use the equity method to
account for investments in subsidiaries, joint ventures and associates in their separate
financial statements.

IFRS amendments to IAS 27: Projects

Date Development
December 2012 Project added to the IASB’s active agenda
2 December 2013 ED/2013/10 Equity Method in Separate Financial Statements (Proposed amendments to IAS 27) published
12 August 2014 Equity Method in Separate Financial Statements (Amendments to IAS 27) issued

INTERNATIONAL ACCOUNTING STANDARD 27
SEPARATE FINANCIAL STATEMENTS

  • OBJECTIVE
  • SCOPE
  • DEFINITIONS
  • PREPARATION OF SEPARATE FINANCIAL STATEMENTS
  • DISCLOSURE 15
  • EFFECTIVE DATE AND TRANSITION
  • References to IFRS 9
  • WITHDRAWAL OF IAS 27 (2008)

IFRS amendments to IAS 27

International Accounting Standard 27 Separate Financial Statements (IAS 27) is set out in
paragraphs 1–20. All the paragraphs have equal authority but retain the IASC format of
the Standard when it was adopted by the IASB. IAS 27 should be read in the context of
its objective and the Basis for Conclusions, the Preface to International Financial Reporting
Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors provides a basis for selecting and applying
accounting policies in the absence of explicit guidance.

IFRS amendments to IAS 27

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IAS 27 Separate Financial Statements contains accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. The Standard requires an entity preparing separate financial statements to account for those investments either at cost, in accordance with IFRS 9 Financial Instruments, or using the equity method.

Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, introduced an exception to the principle in IFRS 10 Consolidated Financial Statements that all subsidiaries shall be consolidated. The amendments define an investment entity and require a parent that is an investment entity to measure its investments in particular subsidiaries at fair value through profit or loss in accordance with IFRS 9 (or IAS 39 Financial Instruments: Recognition and Measurement, if IFRS 9 has not yet been adopted) instead of consolidating those subsidiaries in its consolidated and separate financial statements. Consequently, the amendments also introduced new disclosure requirements for investment entities in IFRS 12 Disclosure of Interests in Other Entities, with related disclosures introduced in this IFRS.

IFRS amendments to IAS 27

Objective

The objective of this Standard is to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.

IFRS amendments to IAS 27: Scope

This Standard shall be applied in accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements. This Standard does not mandate which entities produce separate financial statements. It applies when an entity prepares separate financial statements that comply with International Financial Reporting Standards.

Defination

The following terms are used in this Standard with the meanings specified: Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single
economic entity. Separate financial statements are those presented by an entity in which the entity could elect, subject to the requirements in this Standard, to account for its investments in subsidiaries, joint ventures and associates either at cost, in accordance with IFRS 9 Financial Instruments, or using
the equity method as described in IAS 28 Investments in Associates and Joint Ventures.

IFRS amendments to IAS 27

The following terms are defined in Appendix A of IFRS 10 Consolidated Financial
Statements, Appendix A of IFRS 11 Joint Arrangements and paragraph 3 of IAS 28:

  • associate
  • control of an investee
  • equity method
  • group
  • investment entity
  • joint control
  • joint venture
  • joint venturer
  • parent
  • significant influence
  • subsidiary.

financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in associates or joint ventures in which the investments in associates or joint ventures are required by IAS 28 to be accounted for using the equity method, other than in the circumstances set out in paragraphs 8–8A.

The financial statements of an entity that does not have a subsidiary, associate or joint venturer’s interest in a joint venture are not separate financial statements.

An entity that is exempted in accordance with paragraph 4(a) of IFRS 10 from consolidation or paragraph 17 of IAS 28 (as amended in 2011) from applying the equity method may present separate financial statements as its only financial statements.

An investment entity that is required, throughout the current period and all comparative periods presented, to apply the exception to consolidation for all of its subsidiaries in accordance with paragraph 31 of IFRS 10 presents separate financial statements as its only financial statements.

IFRS amendments to IAS 27

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