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iGAAP Alert: May 2011

IASB issues new standard on disclosure of interests in other entities

iGAAP Alert: November 2010

Background

IFRS 12 applies to entities that have interests in subsidiaries, joint arrangements, associated and unconsolidated structured entities. It integrates all disclosure requirements in respect of these ‘other entities’ in one place.

The main objective of the new standard is to require information that helps users of their financial statements evaluate the nature of and risks associated with interests in other entities, as well as the effects of those interests on financial statements.

It is important to remember that the new disclosure requirements are extensive and therefore a significant effort may be required to accumulate the necessary information.

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