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September 29, 2010

IASB issues IFRS consolidation staff draft

The International Accounting Standards Board (IASB) has issued a staff draft of forthcoming IFRS consolidation.

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


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