The new consolidation standard
Insights for the real estate industry: IFRS 10
The International Accounting Standards Board’s (IASB) recently issued consolidation standard may have an effect on the real estate industry. IFRS 10 Consolidated Financial Statements, replaces the consolidation guidance previously contained in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities. Concurrent with the issuance of IFRS 10, the IASB also issued:
- IFRS 11 Joint Arrangements;
- IFRS 12 Disclosure of Interests in Other Entities;
- IAS 27 Separate Financial Statements (2011) , which has been amended for the issuance of IFRS 10 but retains the current guidance for separate financial statements; and
- IAS 28 Investments in Associates and Joint Ventures (2011) which has been amended for conforming changes based on the issuance of IFRS 10 and IFRS 11
These standards are effective for annual periods beginning on or after January 1, 2013.
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