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Description :
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In May 2011, the IASB published a revised version of IAS 27 Separate Financial Statement. The amendments to IAS 27 resulted mainly from the development of IFRS 10 Consolidated Financial Statements. All requirements relating to the consolidated financial statements have been removed from IAS 27 and some drafting changes were made to standardise the terminology.
However, the IASB has also made some consequential amendments to IAS 27 as a result of the development of IFRS 11 Joint Arrangements. The requirements from IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures regarding the accounting for those interests in separate financial have been relocated to IAS 27. Moreover, as a consequence of change in classification of joint arrangements introduced by IFRS 11, there was a change of scope in IAS 27, in respect of investments in joint operations structured via a separate vehicle.
IAS 27 (amended 2011) provides guidance on accounting for interests in subsiaries, associates and joint ventures in separate financial statements.
On 9 February 2012, EFRAG issued the Invitation to Comment on its Initial Assessments of: IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). Comments are requested by 11 March 2012. For further information and to access EFRAG's draft endorsement advice on IAS 27 (2011), please click here.
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