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IFRS 10 Consolidated Financial Statements

International Financial Reporting Standard 10

Overview of IFRS 10

  • Issued: in 2011; followed by amendments
  • Effective date: 1 January 2013
  • What it does:
    • It defines when an investor controls an investee:
      • When the investor is exposed, or has rights, to variable returns from its involvement with the investee; and
      • Has the ability to affect those returns through its power over the investee.

      Investor controls the investee when the he has all three elements:

      1. Power over the investee.
      2. Exposure, or rights, to variable returns from its involvement with the investee, and
      3. The ability to use its power over the investee to affect the amount of the investor's returns.
    • IFRS 10 sets the accounting requirements for preparation of consolidated financial statements, consolidation procedures, reporting non-controlling interests and treatment of changes in ownership interests.
    • IFRS 10 also contains special accounting requirements for investment entities.

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