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IFRS 12 replaced the disclosure requirements in IAS 27 Consolidated and Separate Financial Statements , IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures .
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) was approved for issue by the fourteen members of the International Accounting Standards Board.
Overview. IFRS 12 Disclosure of Interests in Other Entities is a consolidated disclosure standard requiring a wide range of disclosures about an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated 'structured entities'.
The objective of IFRS 12 as set out in the standard is to require an entity to disclose information that enables users of its financial statements to evaluate: the nature of, and risks associated with, its interests in other entities; and the effects of those interests on its financial position, financial performance and cash flows.
The IASB is an independent standard-setting body within the IFRS Foundation. IFRS Accounting Standards are, in effect, a global accounting language—companies in more than 140 jurisdictions are required to use them when reporting on their financial health.
The Bottom Line. IFRS 12 applies to entities that have an interest in subsidiaries, joint arrangements, associates or unconsolidated structured entities. IFRS 12 establishes disclosure objectives and specifies minimum disclosures that an entity must provide to meet those objectives.
IFRS 12 Disclosure of Interests in Other Entities Effective Date Periods beginning on or after 1 January 2013 (a) INTERESTS IN SUBSIDIARIES –REQUIRED DISCLOSURES Information that enables users… To understand: (i) The composition of the group and the interest that NCI’s have in the group’s activities and cash flows. To evaluate:
