The ‘consolidation package’ published by the IASB in May 2011 became mandatory for European issuers for annual periods beginning on or after 1 January 2014 but some groups have opted for early application of the new standards.
Based on the practices used by those already applying these standards, the objective of this study is to provide assistance to the large majority of groups who are preparing to apply the ‘consolidation package’ for the first time in 2014.
The ‘consolidation package’ published by the IASB in May 2011 (together with amendments to the transition requirements published in June 2012) became mandatory for European issuers for annual periods beginning on or after 1 January 2014. The mandatory effective date set by the EU is one year later than that set by the IASB, and the majority of companies have therefore decided to delay implementation until 2014. The new standards which make up the package are as follows:
- IFRS 10, Consolidated Financial Statements;
- IFRS 11, Joint Arrangements;
- IFRS 12, Disclosure of Interests in Other Entities;
- IAS 28 (revised standard), Investments in Associates and Joint Ventures; and
- IAS 27 (revised standard), Separate Financial Statements.
Our study has the following objectives:
- to assess the impact of the application of IFRS 10 and IFRS 11 on the financial statements: this analysis looks at both groups which opted for early application of the new consolidation standards at 31 December 2013, and groups which did not opt for early application, but which reported the expected impact of applying the new standards in the financial statements as at 31 December 2013;
- to identify good practice in financial reporting among the groups which opted for early application, particularly with regard to the application of IFRS 12.
Available in French and English
L'application des nouvelles normes sur la consolidation IFRS 10, 11, 12
IFRS 10 IFRS 11 and IFRS 12 in financial reporting