国际会计准则IAS_27英文版

国际会计准则IAS_27英文版

IAS 27

International Accounting Standard 27

Consolidated and

Separate Financial Statements

This version includes mendments resulting from new nd mended IFRSs issued up to31December2005.© IASCF1215

国际会计准则IAS_27英文版

IAS 27

CONTENTS

INTRODUCTION

INTERNATIONAL ACCOUNTING STANDARD 27

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

SCOPE

DEFINITIONS

PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS

SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATION PROCEDURES

ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY

CONTROLLED ENTITIES AND ASSOCIATES IN SEPARATE FINANCIAL

STATEMENTS

DISCLOSURE

EFFECTIVE DATE

WITHDRAWAL OF OTHER PRONOUNCEMENTS

APPENDIX

Amendments to other pronouncements

APPROVAL OF IAS27 BY THE BOARD

BASIS FOR CONCLUSIONS

DISSENTING OPINION

IMPLEMENTATION GUIDANCE1216© IASCFparagraphsIN1–IN141–34–89–1112–2122–3637–3940–424344–45

国际会计准则IAS_27英文版

IAS 27

International Accounting Standard 27 Consolidated and Separate Financial Statements(IAS27) is set out in paragraphs 1–45 and the Appendix. All the paragraphs have equalauthority but retain the IASC format of the Standard when it was adopted by the IASB.IAS27 should be read in the context of the Basis for Conclusions, the Preface toInternational Financial Reporting Standards and the Framework for the Preparation andPresentation of Financial Statements. IAS 8 Accounting Policies, Changes in Accounting Estimatesand Errors provides a basis for selecting and applying accounting policies in the absenceof explicit guidance.© IASCF1217

国际会计准则IAS_27英文版

IAS 27

Introduction

IN1International Accounting Standard 27 Consolidated and Separate Financial Statements

(IAS27) replaces IAS27 (revised 2000) Consolidated Financial Statements and Accountingfor Investments in Subsidiaries and should be applied for annual periods beginningon or after 1 January 2005. Earlier application is encouraged. The Standard alsoreplaces SIC-33 Consolidation and Equity Method—Potential Voting Rights and Allocationof Ownership Interests.

Reasons for revising IAS27

IN2The International Accounting Standards Board developed this revised IAS27 as

part of its project on Improvements to International Accounting Standards.Theproject was undertaken in the light of queries and criticisms raised inrelation to the Standards by securities regulators, professional accountants andother interested parties. The objectives of the project were to reduce or eliminatealternatives, redundancies and conflicts within the Standards, to deal with someconvergence issues and to make other improvements.

IN3For IAS27 the Board’s main objective was to reduce alternatives in accounting for

subsidiaries in consolidated financial statements and in accounting forinvestments in the separate financial statements of a parent, venturer or investor.The Board did not reconsider the fundamental approach to consolidation ofsubsidiaries contained in IAS27.

The main changes

IN4The main changes from the previous version of IAS27 are described below.

Scope

IN5The Standard applies to accounting for investments in subsidiaries, jointly

controlled entities and associates in the separate financial statements of a parent,a venturer or investor. Therefore, the title of the Standard was amended as shownin paragraph IN1.

Exemptions from consolidating investments in subsidiariesIN6The Standard modifies the exemption from preparing consolidated financial

statements. Paragraph 8 in the previous version of IAS27 (now paragraph 10) wasamended so that a parent need not present consolidated financial statements if: (a)the parent is itself a wholly-owned subsidiary, or the parent is a

partially-owned subsidiary of another entity and its other owners,

including those not otherwise entitled to vote, have been informed about,

and do not object to, the parent not preparing consolidated financial

statements;1218© IASCF

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IAS 27

(b)the parent’s debt or equity instruments are not traded in a public market

(adomestic or foreign stock exchange or an over-the-counter market,

including local and regional markets);

(c)the parent did not file, nor is it in the process of filing, its financial

statements with a securities commission or other regulatory organisation

for the purpose of issuing any class of instruments in a public market; and

(d)the ultimate or any intermediate parent of the parent produces

consolidated financial statements available for public use that comply with

International Financial Reporting Standards.

The Standard clarifies the requirements for a parent exempted from preparingconsolidated financial statements when the parent elects, or is required by localregulations, to present separate financial statements (see paragraphs IN13 andIN14).

Temporary control

IN7The Standard does not require consolidation of a subsidiary acquired when there

is evidence that control is intended to be temporary. However, there must beevidence that the subsidiary is acquired with the intention to dispose of it withintwelve months and that management is actively seeking a buyer. In addition, thewords ‘in the near future’ were replaced with the words ‘within twelve months’.When a subsidiary previously excluded from consolidation is not disposed ofwithin twelve months it must be consolidated as from the date of acquisitionunless narrowly specified circumstances apply.*

IN8The Standard stipulates that the requirement to consolidate investments in

subsidiaries applies to venture capital organisations, mutual funds, unit trustsand similar entities. This was added for clarification.

IN9An entity is not permitted to exclude from consolidation an entity it continues to

control simply because that entity is operating under severe long-termrestrictions that significantly impair its ability to transfer funds to the parent.Control must be lost for exclusion to occur.

Consolidation procedures

Potential voting rights

IN10The Standard requires an entity to consider the existence and effect of potential

voting rights currently exercisable or convertible when assessing whether it hasthe power to govern the financial and operating policies of another entity.Thisrequirement was previously included in SIC-33, which has been superseded. *In March 2004, the Board issued IFRS5 Non-current Assets Held for Sale and Discontinued Operations.

IFRS5removes this scope exclusion and now eliminates the exemption from consolidation whencontrol is intended to be temporary. See IFRS5 Basis for Conclusions for further discussion.© IASCF1219

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IAS 27

IN11

IN12

IN13

IN14

1220Accounting policiesThe Standard requires an entity to use uniform accounting policies for reportinglike transactions and other events in similar circumstances. The previous versionof IAS27 provided an exception to this requirement when it was ‘not practicableto use uniform accounting policies’.Minority interestsThis Standard requires an entity to present minority interests in the consolidatedbalance sheet within equity, separately from the parent shareholders’ equity.Though the previous version of IAS27 precluded presentation of minorityinterests within liabilities, it did not require presentation within equity.Separate financial statementsThe Standard prescribes the accounting treatment for investments insubsidiaries, jointly controlled entities and associates when an entity elects, or isrequired by local regulations, to present separate financial statements. It requiresthese investments to be accounted for at cost or in accordance with IAS39Financial Instruments: Recognition and Measurement. The Standard retains an alternative for accounting for these investments in aninvestor’s separate financial statements.© IASCF

国际会计准则IAS_27英文版

IAS 27

International Accounting Standard 27Consolidated and Separate Financial Statements

Scope

1This Standard shall be applied in the preparation and presentation of

consolidated financial statements for a group of entities under the control of aparent.

2This Standard does not deal with methods of accounting for business

combinations and their effects on consolidation, including goodwill arising on abusiness combination (see IFRS3 Business Combinations).

3This Standard shall also be applied in accounting for investments in subsidiaries,

jointly controlled entities and associates when an entity elects, or is required bylocal regulations, to present separate financial statements.

Definitions

4The following terms are used in this Standard with the meanings specified:

Consolidated financial statements are the financial statements of a group presentedas those of a single economic entity.

Control is the power to govern the financial and operating policies of an entity soas to obtain benefits from its activities.

The cost method is a method of accounting for an investment whereby theinvestment is recognised at cost. The investor recognises income from theinvestment only to the extent that the investor receives distributions fromaccumulated profits of the investee arising after the date of acquisition.Distributions received in excess of such profits are regarded as a recovery ofinvestment and are recognised as a reduction of the cost of the investment.

A group is a parent and all its subsidiaries.

Minority interest is that portion of the profit or loss and net assets of a subsidiaryattributable to equity interests that are not owned, directly or indirectly throughsubsidiaries, by the parent.

A parent is an entity that has one or more subsidiaries.

Separate financial statements are those presented by a parent, an investor in anassociate or a venturer in a jointly controlled entity, in which the investments areaccounted for on the basis of the direct equity interest rather than on the basis ofthe reported results and net assets of the investees.

A subsidiary is an entity, including an unincorporated entity such as a partnership,that is controlled by another entity (known as the parent).

5A parent or its subsidiary may be an investor in an associate or a venturer in a

jointly controlled entity. In such cases, consolidated financial statementsprepared and presented in accordance with this Standard are also prepared so asto comply with IAS28 Investments in Associates and IAS31 Interests in Joint Ventures.© IASCF1221

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IAS 27

6Foranentitydescribedin paragraph 5, separate financial statements are those

prepared and presented in addition to the financial statements referred to inparagraph 5. Separate financial statements need not be appended to, oraccompany, those statements.

7The financial statements of an entity that does not have a subsidiary, associate or

venturer’s interest in a jointly controlled entity are not separate financialstatements.

8A parent that is exempted in accordance with paragraph 10 from presenting

consolidated financial statements may present separate financial statements asits only financial statements.

Presentation of consolidated financial statements

9A parent, other than a parent described in paragraph 10, shall present

consolidated financial statements in which it consolidates its investments insubsidiaries in accordance with this Standard.

10A parent need not present consolidated financial statements if and only if:

(a)the parent is itself a wholly-owned subsidiary, or is a partially-owned

subsidiary of another entity and its other owners, including those not

otherwise entitled to vote, have been informed about, and do not object to,

the parent not presenting consolidated financial statements;

(b)the parent’s debt or equity instruments are not traded in a public market

(adomestic or foreign stock exchange or an over-the-counter market,

including local and regional markets);

(c)the parent did not file, nor is it in the process of filing, its financial

statements with a securities commission or other regulatory organisation

for the purpose of issuing any class of instruments in a public market; and

(d)the ultimate or any intermediate parent of the parent produces

consolidated financial statements available for public use that comply with

International Financial Reporting Standards.

11A parent that elects in accordance with paragraph 10 not to present consolidated

financial statements, and presents only separate financial statements, complieswith paragraphs 37–42.

Scope of consolidated financial statements

12Consolidated financial statements shall include all subsidiaries of the parent.**If on acquisition a subsidiary meets the criteria to be classified as held for sale in accordance with

IFRS5 Non-current Assets Held for Sale and Discontinued Operations, it shall be accounted for inaccordance with that Standard. 1222© IASCF

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IAS 27

13Control is presumed to exist when the parent owns, directly or indirectly through

subsidiaries, more than half of the voting power of an entity unless, inexceptional circumstances, it can be clearly demonstrated that such ownershipdoes not constitute control. Control also exists when the parent owns half or lessof the voting power of an entity when there is: *

(a)power over more than half of the voting rights by virtue of an agreement

with other investors;

(b)power to govern the financial and operating policies of the entity under a

statute or an agreement;

(c)power to appoint or remove the majority of the members of the board of

directors or equivalent governing body and control of the entity is by that

board or body; or

(d)power to cast the majority of votes at meetings of the board of directors or

equivalent governing body and control of the entity is by that board or

body.

14An entity may own share warrants, share call options, debt or equity instruments

that are convertible into ordinary shares, or other similar instruments that havethe potential, if exercised or converted, to give the entity voting power or reduceanother party’s voting power over the financial and operating policies of anotherentity (potential voting rights). The existence and effect of potential voting rightsthat are currently exercisable or convertible, including potential voting rightsheld by another entity, are considered when assessing whether an entity has thepower to govern the financial and operating policies of another entity. Potentialvoting rights are not currently exercisable or convertible when, for example, theycannot be exercised or converted until a future date or until the occurrence of afuture event.

15In assessing whether potential voting rights contribute to control, the entity

examines all facts and circumstances (including the terms of exercise of thepotential voting rights and any other contractual arrangements whetherconsidered individually or in combination) that affect potential voting rights,except the intention of management and the financial ability to exercise orconvert.

16[Deleted]

17[Deleted]

18[Deleted]

19A subsidiary is not excluded from consolidation simply because the investor is aventure capital organisation, mutual fund, unit trust or similar entity.

*See also SIC-12 Consolidation—Special Purpose Entities. © IASCF1223

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IAS 27

20A subsidiary is not excluded from consolidation because its business activities are

dissimilar from those of the other entities within the group. Relevantinformation is provided by consolidating such subsidiaries and disclosingadditional information in the consolidated financial statements about thedifferent business activities of subsidiaries. For example, the disclosures requiredby IAS14 Segment Reporting help to explain the significance of different businessactivities within the group.

21A parent loses control when it loses the power to govern the financial and

operating policies of an investee so as to obtain benefit from its activities. The lossof control can occur with or without a change in absolute or relative ownershiplevels. It could occur, for example, when a subsidiary becomes subject to thecontrol of a government, court, administrator or regulator. It could also occur asa result of a contractual agreement.

Consolidation procedures

22In preparing consolidated financial statements, an entity combines the financial

statements of the parent and its subsidiaries line by line by adding together likeitems of assets, liabilities, equity, income and expenses. In order that theconsolidated financial statements present financial information about the groupas that of a single economic entity, the following steps are then taken:

(a)the carrying amount of the parent’s investment in each subsidiary and the

parent’s portion of equity of each subsidiary are eliminated (see IFRS3,

which describes the treatment of any resultant goodwill);

(b)minority interests in the profit or loss of consolidated subsidiaries for the

reporting period are identified; and

(c)minority interests in the net assets of consolidated subsidiaries are

identified separately from the parent shareholders’ equity in them.

Minority interests in the net assets consist of:

(i)the amount of those minority interests at the date of the original

combination calculated in accordance with IFRS3; and

(ii)the minority’s share of changes in equity since the date of the

combination.

23When potential voting rights exist, the proportions of profit or loss and changes

in equity allocated to the parent and minority interests are determined on thebasis of present ownership interests and do not reflect the possible exercise orconversion of potential voting rights.

24Intragroup balances, transactions, income and expenses shall be eliminated in

full.1224© IASCF

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IAS 27

25Intragroup balances and transactions, including income, expenses and dividends,

are eliminated in full. Profits and losses resulting from intragroup transactionsthat are recognised in assets, such as inventory and fixed assets, are eliminated infull. Intragroup losses may indicate an impairment that requires recognition inthe consolidated financial statements. IAS12 Income Taxes applies to temporarydifferences that arise from the elimination of profits and losses resulting fromintragroup transactions.

26The financial statements of the parent and its subsidiaries used in the

preparation of the consolidated financial statements shall be prepared as of thesame reporting date. When the reporting dates of the parent and a subsidiary aredifferent, the subsidiary prepares, for consolidation purposes, additionalfinancial statements as of the same date as the financial statements of the parentunless it is impracticable to do so.

27When, in accordance with paragraph 26, the financial statements of a subsidiary

used in the preparation of consolidated financial statements are prepared as of areporting date different from that of the parent, adjustments shall be made forthe effects of significant transactions or events that occur between that date andthe date of the parent’s financial statements. In any case, the difference betweenthe reporting date of the subsidiary and that of the parent shall be no more thanthreemonths. Thelength of the reporting periods and any difference in thereporting dates shall be the same from period to period.

28Consolidated financial statements shall be prepared using uniform accounting

policies for like transactions and other events in similar circumstances.

29If a member of the group uses accounting policies other than those adopted in the

consolidated financial statements for like transactions and events in similarcircumstances, appropriate adjustments are made to its financial statements inpreparing the consolidated financial statements.

30The income and expenses of a subsidiary are included in the consolidated

financial statements from the acquisition date as defined in IFRS3. The incomeand expenses of a subsidiary are included in the consolidated financialstatements until the date on which the parent ceases to control the subsidiary.The difference between the proceeds from the disposal of the subsidiary and itscarrying amount as of the date of disposal, including the cumulative amount ofany exchange differences that relate to the subsidiary recognised in equity inaccordance with IAS21 The Effects of Changes in Foreign Exchange Rates, is recognisedin the consolidated income statement as the gain or loss on the disposal of thesubsidiary.

31An investment in an entity shall be accounted for in accordance with IAS 39

Financial Instruments: Recognition and Measurement from the date that it ceases tobe a subsidiary, provided that it does not become an associate as defined in IAS 28or a jointly controlled entity as described in IAS31.

32The carrying amount of the investment at the date that the entity ceases to be a

subsidiary shall be regarded as the cost on initial measurement of a financialasset in accordance with IAS39.© IASCF1225

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IAS 27

33Minority interests shall be presented in the consolidated balance sheet within

equity, separately from the parent shareholders’ equity. Minority interests in theprofit or loss of the group shall also be separately disclosed.

34The profit or loss is attributed to the parent shareholders and minority interests.

Because both are equity, the amount attributed to minority interests is notincome or expense.

35Losses applicable to the minority in a consolidated subsidiary may exceed the

minority interest in the subsidiary’s equity. The excess, and any further lossesapplicable to the minority, are allocated against the majority interest except tothe extent that the minority has a binding obligation and is able to make anadditional investment to cover the losses. If the subsidiary subsequently reportsprofits, such profits are allocated to the majority interest until the minority’sshare of losses previously absorbed by the majority has been recovered.

36If a subsidiary has outstanding cumulative preference shares that are held by

minority interests and classified as equity, the parent computes its share ofprofits or losses after adjusting for the dividends on such shares, whether or notdividends have been declared.Accounting for investments in subsidiaries, jointly controlled entities and associates in separate financial statements

37When separate financial statements are prepared, investments in subsidiaries,

jointly controlled entities and associates that are not classified as held for sale(orincluded in a disposal group that is classified as held for sale) in accordancewith IFRS5 shall be accounted for either:

(a)at cost, or

(b)in accordance with IAS39.

The same accounting shall be applied for each category of investments.Investments in subsidiaries, jointly controlled entities and associates that areclassified as held for sale (orincluded in a disposal group that is classified as heldfor sale) in accordance with IFRS5 shall be accounted for in accordance withthatIFRS.

38This Standard does not mandate which entities produce separate financial

statements available for public use. Paragraphs 37 and 39–42 apply when anentity prepares separate financial statements that comply with InternationalFinancial Reporting Standards. The entity also produces consolidated financialstatements available for public use as required by paragraph 9, unless theexemption provided in paragraph 10 is applicable.

39Investments in jointly controlled entities and associates that are accounted for in

accordance with IAS39 in the consolidated financial statements shall beaccounted for in the same way in the investor’s separate financial statements. 1226© IASCF

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IAS 27

Disclosure

40The following disclosures shall be made in consolidated financial statements:

(a)[Deleted]

(b)[Deleted]

(c)the nature of the relationship between the parent and a subsidiary when

the parent does not own, directly or indirectly through subsidiaries, more

than half of the voting power;

(d)the reasons why the ownership, directly or indirectly through subsidiaries,

of more than half of the voting or potential voting power of an investee

does not constitute control;

(e)the reporting date of the financial statements of a subsidiary when such

financial statements are used to prepare consolidated financial statements

and are as of a reporting date or for a period that is different from that of

the parent, and the reason for using a different reporting date or period;

and

(f)the nature and extent of any significant restrictions (egresulting from

borrowing arrangements or regulatory requirements) on the ability of

subsidiaries to transfer funds to the parent in the form of cash dividends or

to repay loans or advances.

41When separate financial statements are prepared for a parent that, in accordance

with paragraph 10, elects not to prepare consolidated financial statements, thoseseparate financial statements shall disclose:

(a)the fact that the financial statements are separate financial statements;

that the exemption from consolidation has been used; the name and

country of incorporation or residence of the entity whose consolidated

financial statements that comply with International Financial Reporting

Standards have been produced for public use; andthe address where those

consolidated financial statements are obtainable;

(b)a list of significant investments in subsidiaries, jointly controlled entities

and associates, including the name, country of incorporation or residence,

proportion of ownership interest and, if different, proportion of voting

power held; and

(c)a description of the method used to account for the investments listed

under(b).

42When a parent (other than a parent covered by paragraph 41), venturer with an

interest in a jointly controlled entity or an investor in an associate preparesseparate financial statements, those separate financial statements shall disclose: (a)the fact that the statements are separate financial statements and the

reasons why those statements are prepared if not required by law;

(b)a list of significant investments in subsidiaries, jointly controlled entities

and associates, including the name, country of incorporation or residence,© IASCF1227

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IAS 27

proportion of ownership interest and, if different, proportion of voting

power held; and

(c)a description of the method used to account for the investments listed

under (b);

and shall identify the financial statements prepared in accordance withparagraph9 of this Standard, IAS28 and IAS31 to which they relate.

Effective date

43An entity shall apply this Standard for annual periods beginning on or after

1January 2005. Earlier application is encouraged. If an entity applies thisStandard for a period beginning before 1 January 2005, it shall disclose that fact. Withdrawal of other pronouncements

44This Standard supersedes IAS27 Consolidated Financial Statements and Accounting for

Investments in Subsidiaries (revised in 2000).

45This Standard supersedes SIC-33 Consolidation and Equity Method—Potential Voting

Rights and Allocation of Ownership Interests. 1228© IASCF

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IAS 27

Appendix

Amendments to other pronouncements

The amendments in this appendix shall be applied for annual periods beginning on or after1January2005. If an entity applies this Standard for an earlier period, these amendments shall beapplied for that earlier period.

* * * * *The amendments contained in this appendix when this Standard was issued in 2003 have beenincorporated into the relevant pronouncements published in this volume.

© IASCF1229

国际会计准则IAS_27英文版

IAS 27

Approval of IAS27 by the Board

International Accounting Standard 27 Consolidated and Separate Financial Statements wasapproved for issue by thirteen of the fourteen members of the International AccountingStandards Board. Mr Yamada dissented. His dissenting opinion is set out after the Basisfor Conclusions.

Sir David Tweedie

Thomas E Jones

Mary E Barth

Hans-Georg Bruns

Anthony T Cope

Robert P Garnett

Gilbert Gélard

James J Leisenring

Warren J McGregor

Patricia L O’Malley

Harry K Schmid

John T Smith

Geoffrey Whittington

Tatsumi Yamada1230ChairmanVice-Chairman© IASCF

国际会计准则IAS_27英文版

IAS 27 BC

Basis for Conclusions on

IAS 27 Consolidated and Separate Financial StatementsThis Basis for Conclusions accompanies, but is not part of, IAS27.

Introduction

BC1This Basis for Conclusions summarises the International Accounting Standards

Board’s considerations in reaching its conclusions on revising IAS27 ConsolidatedFinancial Statements and Accounting for Investments in Subsidiaries in 2003. IndividualBoard members gave greater weight to some factors than to others.

BC2In July 2001 the Board announced that, as part of its initial agenda of technical

projects, it would undertake a project to improve a number of Standards,including IAS 27. The project was undertaken in the light of queries andcriticisms raised in relation to the Standards by securities regulators, professionalaccountants and other interested parties. The objectives of the Improvementsproject were to reduce or eliminate alternatives, redundancies and conflictswithin Standards, to deal with some convergence issues and to make otherimprovements. In May 2002 the Board published its proposals in an ExposureDraft of Improvements to International Accounting Standards, with a comment deadlineof 16 September 2002. The Board received over 160 comment letters on theExposure Draft.

BC3Because the Board’s intention was not to reconsider the fundamental approach to

consolidation established in IAS27, this Basis for Conclusions does not discussrequirements in IAS 27 that the Board has not reconsidered.

Presentation of consolidated financial statements

Exemption from preparing consolidated financial

statements

BC4Paragraph 7 of the previous version of IAS27 required consolidated financial

statements to be presented. However, paragraph 8 permitted a parent that is awholly-owned or virtually wholly-owned subsidiary not to prepare consolidatedfinancial statements. The Board considered whether to withdraw or amend thisexemption from the general requirement.

BC5The Board decided to retain an exemption, so that entities in a group that are

required by law to produce financial statements available for public use inaccordance with International Financial Reporting Standards, in addition toconsolidated financial statements, would not be unduly burdened.

BC6The Board noted that in some circumstances users can find sufficient information

for their purposes regarding a subsidiary from either its separate financialstatements or consolidated financial statements. Inaddition, the users offinancial statements of a subsidiary often have, or can get access to, moreinformation.© IASCF1231

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IAS 27 BC

BC7Having agreed to retain an exemption, the Board decided to modify the

circumstances in which an entity would be exempt and considered the followingcriteria.

Unanimous agreement of the owners of the minority interests

BC8The Exposure Draft proposed to extend the exemption to a parent that is not

wholly-owned if the owners of the minority interest, including those nototherwise entitled to vote, unanimously agree.

BC9Some respondents disagreed with the proposal for unanimous agreement of

minority shareholders to be a condition for exemption, in particular because ofthe practical difficulties in obtaining responses from all of those shareholders.TheBoard decided that the exemption should be available to a parent that is notwholly-owned when the owners of the minority interests have been informedabout, and do not object to, consolidated financial statements not beingpresented.

Exemption available only to non-public entities

BC10The Board believes that the information needs of users of financial statements of

entities whose debt or equity instruments are traded in a public market are bestserved when investments in subsidiaries, jointly controlled entities and associatesare accounted for in accordance with IASs 27, 28 Investments in Associates and31Interests in Joint Ventures. The Board therefore decided that the exemption frompreparing such consolidated financial statements should not be available to suchentities or to entities in the process of issuing instruments in a public market. BC11The Board decided that a parent that meets the criteria for exemption from the

requirement to prepare consolidated financial statements should, in its separatefinancial statements, account for those subsidiaries in the same way as otherparents, venturers with interests in jointly controlled entities or investors inassociates account for investments in their separate financial statements.TheBoard draws a distinction between accounting for such investments as equityinvestments and accounting for the economic entity that the parent controls.Inrelation to the former, the Board decided that each category of investmentshould be accounted for consistently.

BC12The Board decided that the same approach to accounting for investments in

separate financial statements should apply irrespective of the circumstances forwhich they are prepared. Thus, parents that present consolidated financialstatements, and those that do not because they are exempted, should present thesame form of separate financial statements.

Scope of consolidated financial statements

Scope exclusions

BC13Paragraph 13 of the previous version of IAS 27 required a subsidiary to be

excluded from consolidation when control is intended to be temporary or whenthe subsidiary operates under severe long-term restrictions.1232© IASCF

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IAS 27 BC

Temporary control

BC14The Board considered whether to remove this scope exclusion and thereby

converge with other standard-setters that had recently eliminated a similarexclusion. The Board decided to consider this issue as part of a comprehensivestandard dealing with asset disposals. Itdecided to retain an exemption fromconsolidating a subsidiary when there is evidence that the subsidiary is acquiredwith the intention to dispose of it within twelve months and that management isactively seeking a buyer. The Board’s Exposure Draft ED 4 Disposal of Non-currentAssets and Presentation of Discontinued Operations proposes to measure and presentassets held for sale in a consistent manner irrespective of whether they are heldby an investor or in a subsidiary. Therefore, ED 4 proposes to eliminate theexemption from consolidation when control is intended to be temporary andcontains a draft consequential amendment to IAS27 to achieve this.*

Severe long-term restrictions impairing ability to transfer funds to

the parent

BC15The Board decided to remove the exclusion of a subsidiary from consolidation

when there are severe long-term restrictions that impair a subsidiary’s ability totransfer funds to the parent. It did so because such circumstances may notpreclude control. The Board decided that a parent, when assessing its ability tocontrol a subsidiary, should consider restrictions on the transfer of funds fromthe subsidiary to the parent. In themselves, such restrictions do not precludecontrol.

Venture capital organisations, private equity entities and

similar organisations

BC16The Exposure Draft of IAS27 proposed to clarify that a subsidiary should not be

excluded from consolidation simply because the entity is a venture capitalorganisation, mutual fund, unit trust or similar entity. Some respondents fromthe private equity industry disagreed with this proposed clarification. Theyargued that private equity entities should not be required to consolidate theinvestments they control in accordance with the requirements in IAS27. Theyargued that they should measure those investments at fair value. Thoserespondents raised varying arguments—some based on whether control isexercised, some on the length of time that should be provided beforeconsolidation is required, and some on whether consolidation was an appropriatebasis for private equity entities or the type of investments they make.

BC17Some respondents also noted that the Board decided to exclude venture capital

organisations and similar entities from the scope of IASs 28 and 31 wheninvestments in associates or jointly controlled entities are measured at fairvalue in accordance with IAS39 Financial Instruments: Recognition and Measurement.In the view of these respondents, the Board was proposing that similar assetsshould be accounted for in dissimilar ways.

*In March 2004, the Board issued IFRS5 Non-current Assets Held for Sale and Discontinued Operations.

IFRS5removes this scope exclusion and now eliminates the exemption from consolidation whencontrol is intended to be temporary. See IFRS5 Basis for Conclusions for further discussion. © IASCF1233

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