IFRS Bulletin ED10 Consolidated Financial Statements

Download

The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) discussed further questions relating to consolidation of particular interest to investment managers at their meeting in March 2010.

The objective of Exposure Draft (ED) 10, ‘Consolidated financial statements’, is to improve the definition of control and replace the consolidation requirements in IAS 27, ‘Consolidated and separate financial statements’, and SIC-12, ‘Consolidation – ‘special purpose entities’, by publishing a single accounting standard. The FASB will replace equivalent US generally accepted accounting principles (GAAP).