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