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Educational Material on Ind AS 27 Consolidated and Separate Financial Statements
Ind AS 27 Consolidated and Separate Financial Statements : Ind AS 27 Separate Financial Statements (as amended in 2011) outlines the accounting and disclosure requirements for ‘separate financial statements’, which are financial statements prepared by a parent, or an investor in a joint venture or associate, where those investments are accounted for either at cost or in accordance with Ind AS 39 Financial Instruments: Recognition and Measurement or IFRS 9 Financial Instruments. The standard also outlines the accounting requirements for dividends and contains numerous disclosure requirements. Ind AS 27 was reissued in May 2011 and applies to annual periods beginning on or after 1 January 2013, superseding Ind AS 27 Consolidated and Separate Financial Statements from that date.
History of Ind AS 27 (as amended in 2011)
| Date | Development | Comments |
|---|---|---|
| September 1987 | Exposure Draft E30 Consolidated Financial Statements and Accounting for Investments in Subsidiaries | |
| April 1989 | Ind AS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries issued | Effective 1 January 1990 |
| 1994 | Ind AS 27 reformatted | |
| December 1998 | Amended by Ind AS 39 Financial Instruments: Recognition and Measurement | Effective 1 January 2001 |
| 18 December 2003 | Ind AS 27 Consolidated and Separate Financial Statements issued | Effective for annual periods beginning on or after 1 January 2005 |
| 25 June 2005 | Exposure Draft of Proposed Amendments to IFRS 3 and Ind AS 27 | |
| 10 January 2008 | Ind AS 27 Consolidated and Separate Financial Statements (2008) issued | Effective for annual periods beginning on or after 1 July 2009 |
| 22 May 2008 | Amended by Cost of a Subsidiary in the Separate Financial Statements of a Parent on First-time Adoption of IFRSs | Effective for annual periods beginning on or after 1 January 2009 |
| 22 May 2008 | Amended by Annual Improvements to IFRSs (investments in subsidiaries held for sale) | Effective for annual periods beginning on or after 1 January 2009 |
| 6 May 2010 | Amended by Annual Improvements to IFRSs 2010 (transitional requirements) | Effective for annual periods beginning on or after 1 July 2010 |
| 12 May 2011 | Reissued as Ind AS 27 Separate Financial Statements (as amended in 2011). Consolidation requirements previously forming part of Ind AS 27 (2008) have been revised and are now contained in IFRS 10 Consolidated Financial Statements | Effective for annual periods beginning on or after 1 January 2013 |
| 31 October 2012 | Amended by Investment Entities (Amendments to IFRS 10, IFRS 12 and Ind AS 27) (project history) | Effective for annual periods beginning on or after 1 January 2014 |
| 12 August 2014 | Amended by Equity Method in Separate Financial Statements (Amendments to Ind AS 27) (project history) | Effective for annual periods beginning on or after 1 January 2016, with earlier application permitted |
Educational Material on Ind AS 27 Consolidated and Separate Financial Statements
Ind AS 27 Consolidated and Separate Financial Statements : The accounting standard Ind AS 27 sets out the requirements for preparing and presenting separate financial statements for investments in subsidiaries, joint ventures and associates. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments.
key definitions Ind AS 27
| Consolidated financial statements | 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 | Financial statements presented by a parent (i.e. an investor with control of a subsidiary), an investor with joint control of, or significant influence over, an invest, in which the investments are accounted for at cost or in accordance with IFRS 9 Financial Instruments |
Objectives of Ind AS 27
Ind AS 27 has the objective of setting standards to be applied in accounting for investments in subsidiaries, jointly ventures, and associates when an entity elects, or is required by local regulations, to present separate (non-consolidated) financial statements.
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Educational Material on Ind AS 27 Consolidated and Separate Financial Statements
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Educational Material on Ind AS 27 Consolidated and Separate Financial Statements
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