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International Accounting and Auditing / International Financial Reporting Standards / International Accounting Standards Board (IASB) / IFRS (Standards, EDs, Interpretations) / Standards issued as of 1 January 2011 and thereafter / IFRS (2011) / IFRS 10 Consolidated Financial Statements

IFRS 10 Consolidated Financial Statements

(incorporating editorial corrections at 17 May 2011; 27 May2011; 29 June 2011; 23 February
2012)

Editor's Note: In June 2011, the IASB issued IAS 19 (Revised) Employee Benefits, which amended IFRS 10. Entities shall apply this these amendments when it appplies IAS 19 as amended. Entities shall apply IAS 19 as amended for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this Standardfor an earlier period, it shall disclose that fact. Paragraphs affected by this amendment include: BCA9.

To view the amendments in PDF format, click here.

Note: The PDF does not incorporate the amendments made by Editorial Corrections issued 29 June 2011.

Editor's Note: Issued by the IASB on 12 May 2011, IFRS 10 Consolidated Financial Statements establishes principles for thepresentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10 replaces the consolidation requirements in SIC-12 Consolidation—Special Purpose Entities and IAS 27 Consolidated and Separate Financial Statements and is effective for annual periods beginning on or after 1 January 2013. Earlier application is permitted.

International FinancialReporting Standard 10 Consolidated Financial Statements (IFRS 10) is set out in paragraphs 1-26 and Appendices A-D. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. Definitions of other terms are given in the Glossary for International Financial ReportingStandards. IFRS 10 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting. 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.

Introduction

IN1IFRS 10 Consolidated Financial Statements establishes principles for the presentation
and preparation of consolidated financial statements when an entity controls one or more other entities.

IN2 The IFRS supersedes IAS 27 Consolidated and Separate Financial Statements and SIC
12 Consolidation—Special Purpose Entities and is effective for annual periods beginning on or after 1January 2013. Earlier application is permitted.

Reasons for issuing the IFRS

IN3 The Board added a project on consolidation to its agenda to deal with divergence in
practice in applying IAS 27 and SIC-12. For example, entities varied in their application of the control concept in circumstances in which a reporting entity controls another entity but holds less than a majority ofthe voting rights of the entity, and in circumstances involving agency relationships.

IN4 In addition, a perceived conflict of emphasis between IAS 27 and SIC-12 had led to
inconsistent application of the concept of control. IAS 27 required the consolidation of entities that are controlled by a reporting entity, and it defined control as the power to govern the financial andoperating policies of an entity so as to obtain benefits from its activities. SIC-12, which interpreted the requirements of IAS 27 in the context of special purpose entities, placed greater emphasis on risks and rewards.

IN5 The global financial crisis that started in 2007 highlighted the lack of transparency about

|Printed 30 Abr 2012 |Page 1 of 5 |


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