The Grant Thornton International IFRS team has published a new guide, Under control? A Practical Guide to IFRS 10 Consolidated Financial Statements. This guide is a useful tool that will assist management in transitioning to and applying IFRS 10 Consolidated Financial Statements.
By issuing IFRS 10 in May 2011, the International Accounting Standards Board (IASB) introduced new requirements on assessing control. IFRS 10 redefines “control” and provides extensive new guidance on applying the new definition. IFRS 10 applies to all investees and replaces both IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities.
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