IFRS 10 requires a parent to present consolidated financial statements in which the financial statements of the parent and those entities which it controls are presented as those of a single economic entity. IFRS 10 lays down the consolidation procedures to be followed when preparing consolidated financial statements.
IFRS 3 identifies business combinations when an entity obtains control of a business through an acquisition or merger. Such business combinations are accounted for by applying the acquisition method, which requires the recognition and measurement of identifiable assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. It also involves the recognition and measurement of non-controlling interest and goodwill, which under IFRS 3 vary depending on whether non-controlling interest are being measured at fair value or at their proportionate share of the fair value of the net assets acquired.
This session will cover the consolidation process through practical examples. Differences in the treatment between IFRSs and GAPSME when preparing consolidated financial statements will also be highlighted.Download Event Brochure