IAS27_06 - IAS 27 International Accounting Standard 27...

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IAS 27 © IASCF 1215 International Accounting Standard 27 Consolidated and Separate Financial Statements This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005.
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IAS 27 1216 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN14 INTERNATIONAL ACCOUNTING STANDARD 27 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS SCOPE 1–3 DEFINITIONS 4–8 PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 9–11 SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS 12–21 CONSOLIDATION PROCEDURES 22–36 ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES IN SEPARATE FINANCIAL STATEMENTS 37–39 DISCLOSURE 40–42 EFFECTIVE DATE 43 WITHDRAWAL OF OTHER PRONOUNCEMENTS 44–45 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 27 BY THE BOARD BASIS FOR CONCLUSIONS DISSENTING OPINION IMPLEMENTATION GUIDANCE
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IAS 27 © IASCF 1217 International Accounting Standard 27 Consolidated and Separate Financial Statements (IAS 27) is set out in paragraphs 1–45 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS27 should be read in the context of the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 27 1218 © IASCF Introduction IN1 International Accounting Standard 27 Consolidated and Separate Financial Statements (IAS 27) replaces IAS 27 (revised 2000) Consolidated Financial Statements and Accounting for Investments in Subsidiaries and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. The Standard also replaces SIC-33 Consolidation and Equity Method—Potential Voting Rights and Allocation of Ownership Interests . Reasons for revising IAS 27 IN2 The International Accounting Standards Board developed this revised IAS 27 as part of its project on Improvements to International Accounting Standards. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, professional accountants and other interested parties. The objectives of the project were to reduce or eliminate alternatives, redundancies and conflicts within the Standards, to deal with some convergence issues and to make other improvements. IN3 For IAS 27 the Board’s main objective was to reduce alternatives in accounting for subsidiaries in consolidated financial statements and in accounting for investments in the separate financial statements of a parent, venturer or investor.
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IAS27_06 - IAS 27 International Accounting Standard 27...

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