FRS127 Consolidated and Separate Financial Statements pg2

Contents

	paragraphs
INTRODUCTION	IN1-IN14
Financial Reporting Standard 127 Consolidated and Separate Financial Statements
SCOPE	1-3
DEFINITIONS	4-8
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS	9-11
SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS	12-21
CONSOLIDATION PROCEDURES	22-36
ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES IN SEPARATE FINANCIAL STATEMENTS	37-39
DISCLOSURE	40-42
EFFECTIVE DATE	43
WITHDRAWAL OF OTHER PRONOUNCEMENTS	44-45

Style

Additions to IFRSs are clearly identified and would be made in a manner that preserves the format and structure of the IFRSs.

If a new paragraph is added, that paragraph would be labelled with the preceding paragraph number followed by a capitalised alphabet and the word 'œadded' is included at the right side of the paragraph. If a paragraph is deleted, the text would be marked as deleted text by the inclusion of the word 'œdeleted' at the right side of the paragraph and the reason for the deletion is explained at the end of the paragraph. [New paragraph or deleted paragraph without the indication of 'œadded' or 'œdeleted' at the right side of the paragraph is amendments made by the IASB.]

Additions or deletions made within the paragraph in IFRSs would be shaded and underlined or struck through respectively. [Those additions and deletions which are underlined or struck through without shading are amendments made by the IASB.]

Financial Reporting Standard 127 Consolidated and Separate Financial Statements (FRS 127) is set out in paragraphs 1-45. All the paragraphs have equal authority. FRS 127 should be read in the context of the Basis for Conclusions, the Foreword to Financial Reporting Standards and the Proposed Framework for the Preparation and Presentation of Financial Statements. FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.

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