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Consolidated accounts

1 April 2010 2,106 views 6 Comments

Does IAS require consolidated accounts reported for subsidiary companies pursuing dissimilar activities (than those of the parent company)?

Can you quote the relevant IASs?  Where can I find copies and guidelines of the IASs for reading?

Do EU companies have to follow IAS since 2005?  What other standards (e.g. IFRS) are acceptable?  In which legislations?

Reference

Corporate Financial Accounting and Reporting 2nd Ed by Tim Sutton

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6 Comments »

  • ifrslist
    ifrslist said:

    [New Post] Consolidated accounts – http://www.ifrslist.com/2010/04/consolid...
    via Twitoaster

    # 1 April 2010 at 1:57 pm
  • IFRS List.com: Consolidated accounts — Accounting Blog (author) said:

    [...] jason2009 wrote an interesting post today. Here’s a quick excerptWelcome to IFRSLIST.com, the free community where you can find resources, share experience, knowledge and ideas about IFRS, bAccounting/b and Auditing with more than 1.5k members. Sign-up and start a new discussion. … [...]

    # 1 April 2010 at 4:03 pm
  • sriramaca said:

    IParagraph 17 of IAS 27 sats that subsidiaries should be consolidated even if they carry on dissimilar activitie. EU stance may be clarified by a member from that region.

    # 2 April 2010 at 5:02 am
  • Simone Salvi (author) said:

    Message from Yagnesh D.

    Does IAS require consolidated accounts to be reported for subsidiary companies
    pursuing dissimilar activities?

    Yes Indeed. Dis similar activities does not mean parent is not suppose the consolidate.
    Exemption from Consolidation is covered by IAS27.10. And again concept of materiality. Meaning Immaterial subsidiaries are not consolidated.

    Do EU companies have to follow IAS since 2005? Where can I find copies of the
    original standards, and, guidelines for reading?

    Yes since 2005. Original standards are available on http://www.iasb.org

    Where can I find the leglislation and guidelines relating to the EU 4th
    Directive, EU 7th Directive, and, other relevant legislation [...]

    This is do not know and when you get to know please do let me know.

    Replied by CA Yagnesh Desai

    # 2 April 2010 at 6:34 am
  • Paul said:

    As sources you can consult:
    * http://www.iasb.org
    * http://www.iasplus.com (supported by Deloitte and in the header you can select “Standards” or “Interpretations”. It discloses brief summaries of both and expired Standards and Interpretations.

    The EU has its own website about IFRS Standards that can be found at:
    http://ec.europa.eu/internal_market/accounting/legal_framework/regulations_adopting_ias_text_en.htm

    # 2 April 2010 at 8:48 am
  • Валентин (author) said:

    Спасибо…

    Хм..…

    # 9 April 2010 at 5:50 am

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