The objective of IAS 27 is to enhance the relevance, reliability, and comparability of the information contained in:
- consolidated financial statements that a parent prepares for the group of entities it
controls; and
- separate (non-consolidated) financial statements that a parent, investor, or venturer
elects to provide, or is required by local regulation to provide.
The standard specifies the circumstances in which consolidated financial statements are
required, as well as providing guidance on the required accounting for changes in ownership levels, including changes that result in the loss of control of a subsidiary.
IAS 27 also includes requirements for disclosure of information to allow financial-statement users to evaluate the nature of the relationship between the parent entity and its subsidiaries.
IAS 27 Consolidated and Separate Financial Statements — Updated November 2009
For a more comprehensive introduction to the adoption of IFRSs, see the online course, IFRS 3/IAS 27. You must be registered to access and purchase the course.
Articles in this series will discuss:
IFRS 1 First Time Adoption of IFRS — Updated November 2009
IFRS 2 Share-based Payment — January 2010
IFRS 3 Business Combinations — Updated November 2009
IFRS 7 Financial Instruments: Disclosure — New December 2009
IAS 1 Presentation of Financial Statements — Updated November 2009
IAS 16 Property, Plant and Equipment — Updated November 2009
IAS 32 Financial Instruments Presentation — New December 2009
IAS 36 Impairment of Assets — Updated November 2009
IAS 37 Provisions, Contingent Liabilities and Contingent Assets — Updated November 2009
IAS 38 Intangible Assets — Updated November 2009
IAS 39 Financial Instruments: Recognition and Measurement — New December 2009
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The comprehensive commentary of Deloitte iGAAP: IFRS for Canada is unique in that it is Canadian. It is authored from a Canadian perspective for Canadian practitioners and it draws on Deloitte's global IFRS experience. Commentary is provided on each significant Standard, organized topically into chapters, and contains explanatory information, analytical discussions, and illustrative examples of the application of IFRSs.