The International Accounting Standards Board
(IASB) has issued a staff draft of forthcoming IFRS
The draft will replace IAS 27 and SIC-12 with
a single standard on consolidation.
IAS 27 Consolidated and Separate Financial
Statements is the standard applied in the preparation and
presentation of consolidated financial statements for a group of
entities under the control of a parent.
SIC-12 Consolidation addresses when a special
purpose entity should be consolidated by a reporting enterprise
under the principles in IAS 27.
The board have yet to confirm the effective
date of the forthcoming IFRS