IASB issues three new standards: Consolidated Financial ...

IASB issues three new standards : Consolidated Financial Statements, Joint Arrangements, and Disclosure of Interests in Other EntitiesThe International Accounting standards Board (IASB) recently issued three new standards : ifrs 10 Consolidated Financial Statements, ifrs 11 Joint Arrangements, and ifrs 12 Disclosure of Interests in Other Entities. These new standards are effective for annual periods beginning on or after 1 January 10 replaces the portion of IAS 27 Consolidated and Separate Financial Statements that addresses the accounting for Consolidated Financial statements. It also includes the issues raised in SIC-12 Consolidation Special Purpose Entities. What remains in IAS 27 is limited to accounting for subsidiaries, jointly controlled entities, and associates in separate Financial statements. ifrs 10 establishes a single control model that applies to all entities (including special purpose entities, or structured entities as they are now referred to in the new standards , or variable interest entities as they are referred to in US GAAP).

2 IASB issues three new standards: Consolidated Financial Statements, Joint Arrangements, and Disclosure of Interests in Other Entities Because IFRS 11 uses the principle of control in IFRS 10 to define joint control, the determination of whether joint control exists

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