Practical guide to IFRS: IFRS 10 for asset managers

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The IASB issued IFRS 10, ‘Consolidated financial statements’ (‘IFRS 10’ or ‘the standard’), in May 2011. It introduces new guidance on control and consolidation. The new standard is effective for financial years beginning on or after 1 January 2013. Early adoption is permitted.

This publication sets out a framework for an asset manager to use when interpreting IFRS 10 to determine whether control exists − in particular, the assessment of principal versus agent. It also includes our analysis of the illustrative examples from IFRS 10, and other factors that we believe may be useful to consider in practice.