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Consolidation procedures In order to prepare consolidated financial statements IFRS 10 prescribes the following consolidation procedures. Such local requirements usually impose interim reporting. Consolidated financial statements IFRS 10 Consolidated Financial Statements establishes principles for the presentations and preparation of consolidated financial statements when an entity controls one or more other entities.

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Entities that apply IAS 34 may also be subject to requirements imposed by law or by a stock exchange.

Consolidation rules ifrs. The consolidation requirements as well as the accounting framework disclosure requirements audit filing and publication requirements are addressed by section XVI of the modified law of 10 August 1915. Combine like items of assets liabilities equity income expenses and cash flows of the parent with those of its subsidiaries. Intermediate parent entities that meet the strict conditions for exemption which are set out below.

The effect of these requirements is that consolidated financial statements will provide disclosure with respect to intra-group transactions that were eliminated on consolidation. IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements requiring entities to consolidate entities it controls. IFRS 10 applies only to consolidated financial statements.

The consolidation model in IFRS 10 applies to all investees. A single consolidation model IFRS 10 introduces a consolidation model that builds upon the requirements and concepts in IAS 27 and SIC-12. IFRS 1017 for others in which case the fund manager is an agent and will not consolidate the fund.

A reporting entity is required to consolidate an investee when that entity controls the investee. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. Like IAS 27 and SIC-12 the consolidation model in IFRS 10 is based on control.

The standard was published in May 2011 and is effective from 1 January 2013 1 January 2014 for EU preparers. Consolidated statement of comprehensive income 7 Consolidated statement of changes in equity 8 Consolidated statement of cash flows 9 Notes to the IFRS Example Consolidated 10 Financial Statements 1 Nature of operations 11 2 General information statement of compliance 11 with IFRS and going concern assumption. Requires an entity that controls another a parent to present consolidated financial statements.

Paragraphs IFRS 1214-17 set out disclosure requirements relating to consolidated structured entities. Local reporting requirements The requirements for interim reports vary significantly between jurisdictions. IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements.

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