IFRS 10 definition
Examples of IFRS 10 in a sentence
All references herein to consolidated financial statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to IFRS 10 and IFRS 12 as if such variable interest entity was a Subsidiary as defined herein.
To meet the definition of control in IFRS 10, all the following three criteria must be met: (a) an investor has power over the investee; (b) the investor has exposure, or rights, to variable returns from its involvement with the investee; and (c) the investor has the ability to use its power over the investee to affect the amount of the investors returns.
IFRS 10 changes the definition of control such that an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
IFRS 10 replace the parts of previously existing IAS 27 Consolidated and Separate Financial Statements that dealt with consolidated financial statements and SIC-12 Consolidation – Special Purpose Entities.
An entity will be treated as within the same Group of EOS where that entities’ financial statements would be required to be consolidated with those of EOS if prepared in accordance with IFRS 10 Consolidated Financial Accounts1; Any director, shareholder or other person (P) which exercises control over EOS.
Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) relating to the treatment of the sale or contribution of assets from and investor to its associate or joint venture.
The Directors have discussed the assessment of control under IFRS 10 with the Company’s auditors, Deloitte Touche Tohmatsu.
The amendments address the conflict between IFRS 10 and IAS 28 in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture.
In January 2013, in view of a new definition and guidance on subsidiaries, under IFRS 10, Consolidated Financial Statements, DIB's management reassessed DIB's control over its investees.
IAS 28 - ‘Investments in Associates and Joint Ventures’ IAS 28 has been amended to include joint ventures in its scope and to address the changes in IFRS 10 – 13.