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August 25, 2011

IASB issues investment funds proposal

The International Accounting Standards Board (IASB) is planning to exempt investment entities from consolidation requirements of IFRS 10, according to an exposure draft.

In the proposal published by the standard setter, investment entities are defined as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements.

Currently IFRS 10 Consolidated Financial Statements requires consolidation if an investment entity controls an entity it is investing in. 

The IASB proposal is broadly aligned with the US Financial Accounting Standards Board’s approach, which is considering to extend the exemption to cases in which the investment entity is owned by a larger group that is not itself an investment entity. 

The FASB is planning to publish its own exposure draft for investment funds in due course.

The IASB exposure draft Investment Entities is open for comment until 5 January 2012.


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