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In June 2012 IFRS 12 was amended by Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12).
IFRS 12 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial Reporting.
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.
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:
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.
Objectives. Disclosures should enable users to understand: Nature of, and risks associated with, interests in other entities Effects of those interests on financial position, financial performance, and cash flows. Subsidiaries. Significant judgements and assumptions regarding whether an entity has control (and changes thereto ) (vs old IAS27)
The September 2014 guide helps you to prepare financial statements in accordance with IFRS, illustrating one possible format for financial statements based on a fictitious multinational corporation; the corporation is not a first-time adopter of IFRS.
