International Accounting Standard 27 Separate Financial Statements (IAS 27) is set out in paragraphs 1⁠–⁠20. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 27 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. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. [Refer:IAS 8 paragraphs 10⁠–⁠12]

International Accounting Standard 27Separate Financial Statements

Objective

1

The objective of this Standard is to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.

Scope

2

This Standard shall be applied in accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements.

3

This Standard does not mandate which entities produce separate financial statements. It applies when an entity prepares separate financial statements that comply with International Financial Reporting Standards.

Definitions

4

The following terms are used in this Standard with the meanings specified:

Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.

Separate financial statements are those presented by an entity in which the entity could elect, subject to the requirements in this Standard, to account for its investments in subsidiaries, joint ventures and associates either at cost, in accordance with IFRS 9 Financial Instruments, or using the equity method as described in IAS 28 Investments in Associates and Joint Ventures.

[Refer:Basis for Conclusions paragraphs BC10C⁠–⁠BC10E]
Consolidated [member] Disclosure member 913000, 990000
Consolidated and separate financial statements [axis] Disclosure axis 913000, 990000
Separate [member] Disclosure member 913000

6

Separate financial statements are those presented in addition to consolidated financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in associates or joint ventures in which the investments in associates or joint ventures are required by IAS 28 to be accounted for using the equity method, other than in the circumstances set out in paragraphs 8⁠–⁠8A.

[Refer:Basis for Conclusions paragraphs BC10C⁠–⁠BC10E]

7

The financial statements of an entity that does not have a subsidiary, associate or joint venturer’s interest in a joint venture are not separate financial statements.

8

An entity that is exempted in accordance with paragraph 4(a) of IFRS 10 from consolidation or paragraph 17 of IAS 28 (as amended in 2011) from applying the equity method may present separate financial statements as its only financial statements.

[Refer:Basis for Conclusions paragraphs BC7 and BC8]

8A

An investment entity that is required, throughout the current period and all comparative periods presented, to apply the exception to consolidation for all of its subsidiaries in accordance with paragraph 31 of IFRS 10 presents separate financial statements as its only financial statements.

Preparation of separate financial statements

9

Separate financial statements shall be prepared in accordance with all applicable IFRSs, except as provided in paragraph 10.

10

When an entity prepares separate financial statements, it shall account for investments in subsidiaries, joint ventures and associates either:

(a)

at cost;E1, E2, E3

(b)

in accordance with IFRS 9; or

(c)

using the equity method as described in IAS 28. [Refer:Basis for Conclusions paragraphs BC10F⁠–⁠BC10H]

The entity shall apply the same accounting for each category of investments. [Refer:IAS 28 Basis for Conclusions paragraphs BC19F and BC19G] Investments accounted for at cost or using the equity method shall be accounted for in accordance with IFRS 5 Non‑current Assets Held for Sale and Discontinued Operations when they are classified as held for sale or for distribution (or included in a disposal group that is classified as held for sale or for distribution). The measurement of investments accounted for in accordance with IFRS 9 is not changed in such circumstances.

[Refer:Basis for Conclusions paragraphs BC7⁠–⁠BC13]
Investments in associates reported in separate financial statements Disclosure Xinstant, debit 800100
Investments in joint ventures reported in separate financial statements Disclosure Xinstant, debit 800100
Investments in subsidiaries reported in separate financial statements Disclosure Xinstant, debit 800100
Investments in subsidiaries, joint ventures and associates reported in separate financial statements Disclosure Xinstant, debit 210000, 220000, 800100
E1

[IFRIC® Update, January 2013, Agenda Decision, ‘IAS 28 Investment in Associates—Impairment of investments in associates in separate financial statements’ 

In the July 2012 meeting, the Interpretations Committee received an update on the issues that have been referred to the IASB and that have not yet been addressed. The Interpretations Committee asked the staff to update the analysis and perform further outreach on an issue about the impairment of investments in associates in separate financial statements. More specifically, the issue is whether, in its separate financial statements, an entity should apply the provisions of IAS 36 Impairment of Assets or IAS 39 Financial Instruments: Recognition and Measurement to test its investments in subsidiaries, joint ventures, and associates carried at cost for impairment.

The Interpretations Committee noted that according to paragraph 38 of IAS 27 Consolidated and Separate Financial Statements an entity, in its separate financial statements, shall account for investments in subsidiaries, joint ventures and associates either at cost or in accordance with IAS 39 [paragraph 10 of IAS 27 (2011) has superseded paragraph 38 of IAS 27 (2008)].

The Interpretations Committee also noted that according to paragraphs 4 and 5 of IAS 36 and paragraph 2(a) of IAS 39, investments in subsidiaries, joint ventures, and associates that are not accounted for in accordance with IAS 39 are within the scope of IAS 36 for impairment purposes. Consequently, in its separate financial statements, an entity should apply the provisions of IAS 36 to test for impairment its investments in subsidiaries, joint ventures, and associates that are carried at cost in accordance with paragraph 38(a) of IAS 27 (2008) or paragraph 10(a) of IAS 27 Separate Financial Statements (2011).

The Interpretations Committee concluded that in the light of the existing IFRS requirements an interpretation or an amendment to IFRSs was not necessary and consequently decided not to add this issue to its agenda.]

E2

[IFRIC® Update, January 2019, Agenda Decision, ‘IAS 27 Separate Financial Statements—Investment in a subsidiary accounted for at cost: Step acquisition’

The Committee received a request about how an entity applies the requirements in IAS 27 to a fact pattern involving an investment in a subsidiary.

In the fact pattern described in the request, the entity preparing separate financial statements:

  • elects to account for its investments in subsidiaries at cost applying paragraph 10 of IAS 27.

  • holds an initial investment in another entity (investee). The investment is an investment in an equity instrument as defined in paragraph 11 of IAS 32 Financial Instruments: Presentation. The investee is not an associate, joint venture or subsidiary of the entity and, accordingly, the entity applies IFRS 9 Financial Instruments in accounting for its initial investment (initial interest).

  • subsequently acquires an additional interest in the investee (additional interest), which results in the entity obtaining control of the investee⁠–⁠–ie the investee becomes a subsidiary of the entity.

The request asked:

a.

whether the entity determines the cost of its investment in the subsidiary as the sum of:

i.

the fair value of the initial interest at the date of obtaining control of the subsidiary, plus any consideration paid for the additional interest (fair value as deemed cost approach); or

i.

the consideration paid for the initial interest (original consideration), plus any consideration paid for the additional interest (accumulated cost approach) (Question A).

b.

how the entity accounts for any difference between the fair value of the initial interest at the date of obtaining control of the subsidiary and its original consideration when applying the accumulated cost approach (Question B).

Question A

IAS 27 does not define ‘cost’, nor does it specify how an entity determines the cost of an investment acquired in stages. The Committee noted that cost is defined in other IFRS Standards (for example, paragraph 6 of IAS 16 Property Plant and Equipment, paragraph 8 of IAS 38 Intangible Assets and paragraph 5 of IAS 40 Investment Property). The Committee observed that the two approaches outlined in the request arise from different views of whether the step acquisition transaction involves:

a.

the entity exchanging its initial interest (plus consideration paid for the additional interest) for a controlling interest in the investee, or

b.

purchasing the additional interest while retaining the initial interest.

Based on its analysis, the Committee concluded that a reasonable reading of the requirements in IFRS Standards could result in the application of either one of the two approaches outlined in this agenda decision (ie fair value as deemed cost approach or accumulated cost approach).

The Committee observed that an entity would apply its reading of the requirements consistently to step acquisition transactions. An entity would also disclose the selected approach applying paragraphs 117⁠–⁠124 of IAS 1 Presentation of Financial Statements if that disclosure would assist users of financial statements in understanding how step acquisition transactions are reflected in reporting financial performance and financial position.

Question B

In applying the accumulated cost approach, any difference between the fair value of the initial interest at the date of obtaining control of the subsidiary and its original consideration meets the definitions of income or expenses in the Conceptual Framework for Financial Reporting. Accordingly, the Committee concluded that, applying paragraph 88 of IAS 1, the entity recognises this difference in profit or loss, regardless of whether, before obtaining control, the entity had presented subsequent changes in fair value of the initial interest in profit or loss or other comprehensive income.

For Question A, the Committee considered whether to develop a narrow-scope amendment to address how an entity determines the cost of an investment acquired in stages. The Committee observed that:

a.

it did not have evidence to assess whether the application of the two acceptable approaches to determining cost, outlined in this agenda decision, would have a material effect on those affected.

b.

the matter could not be resolved without also considering the requirements in paragraph 10 of IAS 28 to initially measure an investment in an associate or joint venture at cost. The Committee did not obtain information to suggest that the Board should reconsider this aspect of IAS 28 at this stage, rather than as part of its wider consideration of IAS 28 within its research project on the Equity Method.

On balance, the Committee decided not to undertake standard-setting to address Question A.

For Question B, the Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to determine its accounting.

Consequently, the Committee decided not to add these matters to its standard-setting agenda.]

E3

[IFRIC® Update, January 2019, Agenda Decision, ‘IAS 27 Separate Financial Statements—Investment in a subsidiary accounted for at cost: Partial disposal’

The Committee received a request about how an entity applies the requirements in IAS 27 to a fact pattern involving an investment in a subsidiary.

In the fact pattern described in the request, the entity preparing separate financial statements:

  • elects to account for its investments in subsidiaries at cost applying paragraph 10 of IAS 27.

  • holds an initial investment in a subsidiary (investee). The investment is an investment in an equity instrument as defined in paragraph 11 of IAS 32 Financial Instruments: Presentation.

  • subsequently disposes of part of its investment and loses control of the investee. After the disposal, the entity has neither joint control of, nor significant influence over, the investee.

The request asked whether:

a.

the investment retained (retained interest) is eligible for the presentation election in paragraph 4.1.4 of IFRS 9 Financial Instruments. That election permits the holder of particular investments in equity instruments to present subsequent changes in fair value in other comprehensive income (OCI) (Question A).

b.

the entity presents in profit or loss or OCI any difference between the cost of the retained interest and its fair value on the date of losing control of the investee (Question B).

Question A

Paragraph 9 of IAS 27 requires an entity to apply all applicable IFRS Standards in preparing its separate financial statements, except when accounting for investments in subsidiaries, associates and joint ventures to which paragraph 10 of IAS 27 applies. After the partial disposal transaction, the investee is not a subsidiary, associate or joint venture of the entity. Accordingly, the entity applies IFRS 9 for the first time in accounting for its retained interest in the investee. The Committee observed that the presentation election in paragraph 4.1.4 of IFRS 9 applies at initial recognition of an investment in an equity instrument. An investment in an equity instrument within the scope of IFRS 9 is eligible for the election if it is neither held for trading (as defined in Appendix A of IFRS 9) nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 Business Combinations applies.

In the fact pattern described in the request, assuming the retained interest is not held for trading, the Committee concluded that (a) the retained interest is eligible for the presentation election in paragraph 4.1.4 of IFRS 9, and (b) the entity would make this presentation election when it first applies IFRS 9 to the retained interest (ie at the date of losing control of the investee).

Question B

Any difference between the cost of the retained interest and its fair value on the date the entity loses control of the investee meets the definitions of income or expenses in the Conceptual Framework for Financial Reporting. Accordingly, the Committee concluded that, applying paragraph 88 of IAS 1 Presentation of Financial Statements, the entity recognises this difference in profit or loss. This is the case regardless of whether the entity presents subsequent changes in fair value of the retained interest in profit or loss or OCI.

The Committee also noted that its conclusion is consistent with the requirements in paragraph 22(b) of IAS 28 Investments in Associates and Joint Ventures and paragraph 11B of IAS 27, which deal with similar and related issues.

The Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to account for a partial disposal transaction in its separate financial statements. Consequently, the Committee decided not to add this matter to its standard-setting agenda.]

11

If an entity elects, in accordance with paragraph 18 of IAS 28 (as amended in 2011), to measure its investments in associates or joint ventures at fair value through profit or loss in accordance with IFRS 9, it shall also account for those investments in the same way in its separate financial statements.

11A

If a parent is required, in accordance with paragraph 31 of IFRS 10, to measure its investment in a subsidiary at fair value through profit or loss in accordance with IFRS 9, it shall also account for its investment in a subsidiary in the same way in its separate financial statements.

[Refer:Basis for Conclusions paragraph BC8A]

11B

When a parent ceases to be an investment entity, or becomes an investment entity, it shall account for the change from the date when the change in status occurred, as follows:

(a)

when an entity ceases to be an investment entity, the entity shall account for an investment in a subsidiary in accordance with paragraph 10. The date of the change of status shall be the deemed acquisition date. The fair value of the subsidiary at the deemed acquisition date shall represent the transferred deemed consideration when accounting for the investment in accordance with paragraph 10.

(i)

[deleted]

(ii)

[deleted]

(b)

when an entity becomes an investment entity, it shall account for an investment in a subsidiary at fair value through profit or loss in accordance with IFRS 9. The difference between the previous carrying amount of the subsidiary and its fair value at the date of the change of status of the investor shall be recognised as a gain or loss in profit or loss. The cumulative amount of any gain or loss previously recognised in other comprehensive income in respect of those subsidiaries shall be treated as if the investment entity had disposed of those subsidiaries at the date of change in status.

12

Dividends from a subsidiary, a joint venture or an associate are recognised in the separate financial statements of an entity when the entity’s right to receive the dividend is established. The dividend is recognised in profit or loss unless the entity elects to use the equity method, in which case the dividend is recognised as a reduction from the carrying amount of the investment.

[Refer:Basis for conclusions paragraphs BC14⁠–⁠BC20]

13

When a parent reorganises the structure of its group by establishing a new entity as its parent in a manner that satisfies the following criteria:

(a)

the new parent obtains control of the original parent by issuing equity instruments in exchange for existing equity instruments of the original parent;

(b)

the assets and liabilities of the new group and the original group are the same immediately before and after the reorganisation; and

(c)

the owners of the original parent before the reorganisation have the same absolute and relative interests in the net assets of the original group and the new group immediately before and after the reorganisation,

and the new parent accounts for its investment in the original parent in accordance with paragraph 10(a) in its separate financial statements, the new parent shall measure cost at the carrying amount of its share of the equity items shown in the separate financial statements of the original parent at the date of the reorganisation.E4

[Refer:Basis for Conclusions paragraphs BC21⁠–⁠BC27]
E4

[IFRIC® Update, September 2011, Agenda Decision, ‘IAS 27 Separate Financial Statements—group reorganisations in separate financial statements’  

The Interpretations Committee received a request asking for clarification of whether paragraphs 13 and 14 of IAS 27 apply either directly or by analogy to reorganisations of groups that result in the new intermediate parent having more than one direct subsidiary. The request addresses the accounting of the new intermediate parent for its investments in subsidiaries when it accounts for these investments in its separate financial statements at cost in accordance with paragraph 10(a)of IAS 27.

The Committee noted that the normal basis for determining the cost of an investment in a subsidiary has to be applied to reorganisations that result in the new intermediate parent having more than one direct subsidiary. Paragraphs 13 and 14 of IAS 27 apply only when the assets and liabilities of the new group and the original group (or original entity) are the same before and after the reorganisation. The Committee observed that this condition is not met in reorganisations that result in the new intermediate parent having more than one direct subsidiary and that therefore these paragraphs in IAS 27 do not apply to such reorganisations, such as the reorganisations presented in the submission. Furthermore, the Committee noted that the Board explained in paragraph BC27 of IAS 27 that paragraphs 13 and 14 of IAS 27, respectively, do not apply to other types of reorganisations. In addition, the Committee noted that the guidance in paragraphs 13 and 14 of IAS 27 cannot be applied to reorganisations that result in the new intermediate parent having more than one direct subsidiary by analogy, because this guidance is an exception to the normal basis for determining the cost of an investment in a subsidiary under paragraph 10(a) of IAS 27.

As a result, the Committee noted that there is already sufficient guidance in IAS 27. Consequently, the Committee decided not to add this issue to its agenda.] 

14

Similarly, an entity that is not a parent might establish a new entity as its parent in a manner that satisfies the criteria in paragraph 13. The requirements in paragraph 13 apply equally to such reorganisations. In such cases, references to ‘original parent’ and ‘original group’ are to the ‘original entity’.

[Refer:Basis for Conclusions paragraphs BC21⁠–⁠BC27]

Disclosure

Disclosure of separate financial statements [text block] Disclosure text block IFRS 12 - Objective Disclosure 800500, 825480
[Refer:Basis for Conclusions paragraph BC28]

15

An entity shall apply all applicable IFRSs when providing disclosures in its separate financial statements, including the requirements in paragraphs 16⁠–⁠17.

16

When a parent, in accordance with paragraph 4(a) of IFRS 10, elects not to prepare consolidated financial statements and instead prepares separate financial statements, it shall disclose in those separate financial statements:

(a)

the fact that the financial statements are separate financial statements; that the exemption from consolidation has been used; the name and principal place of business (and country of incorporation, if different) of the entity whose consolidated financial statements that comply with International Financial Reporting Standards have been produced for public use; and the address where those consolidated financial statements are obtainable.

Address where consolidated financial statements are obtainable Disclosure text 825480
Country of incorporation of entity whose consolidated financial statements have been produced for public use Disclosure text 825480
Description of fact that exemption from consolidation has been used Disclosure text 825480
Description of nature of financial statements Disclosure text IAS 1.51 b Disclosure
IAS 27.17 a Disclosure 		110000, 825480
Name of entity whose consolidated financial statements have been produced for public use Disclosure text 825480
Principal place of business of entity whose consolidated financial statements have been produced for public use Disclosure text 825480

(b)

a list of significant investments in subsidiaries, joint ventures and associates, including:

(i)

the name of those investees.

Name of associate Disclosure text IAS 27.17 b (i) Disclosure
IFRS 12.21 a (i) Disclosure 		825480, 825700
Name of joint venture Disclosure text IAS 27.17 b (i) Disclosure
IFRS 12.21 a (i) Disclosure 		825480, 825700
Name of subsidiary Disclosure text IAS 27.17 b (i) Disclosure
IFRS 12.12 a Disclosure
IFRS 12.19B a Disclosure 		825480, 825700

(ii)

the principal place of business (and country of incorporation, if different) of those investees.

Country of incorporation of associate Disclosure text IAS 27.17 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Country of incorporation of joint venture Disclosure text IAS 27.17 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Country of incorporation of subsidiary Disclosure text IAS 27.17 b (ii) Disclosure
IFRS 12.12 b Disclosure
IFRS 12.19B b Disclosure 		825480, 825700
Principal place of business of associate Disclosure text IAS 27.17 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Principal place of business of joint venture Disclosure text IAS 27.17 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Principal place of business of subsidiary Disclosure text IAS 27.17 b (ii) Disclosure
IFRS 12.12 b Disclosure
IFRS 12.19B b Disclosure 		825480, 825700

(iii)

its proportion of the ownership interest (and its proportion of the voting rights, if different) held in those investees.

Proportion of ownership interest in associate Disclosure X.XX IAS 27.17 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of ownership interest in joint venture Disclosure X.XX IAS 27.17 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of ownership interest in subsidiary Disclosure X.XX IAS 27.17 b (iii) Disclosure
IFRS 12.19B c Disclosure 		825480, 825700
Proportion of voting rights held in associate Disclosure X.XX IAS 27.17 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of voting rights held in joint venture Disclosure X.XX IAS 27.17 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of voting rights held in subsidiary Disclosure X.XX IAS 27.17 b (iii) Disclosure
IFRS 12.19B c Disclosure 		825480, 825700
Associates [axis] Disclosure axis IAS 27.17 b Disclosure
IFRS 12.B4 d Disclosure 		825480, 825700, 836500, 990000
Associates [member] Disclosure member IAS 24.19 d Disclosure
IAS 27.17 b Disclosure
IFRS 12.B4 d Disclosure 		818000, 825480, 825700, 836500
Disclosure of associates [table] Disclosure table IAS 27.17 b Disclosure
IFRS 12.B4 d Disclosure 		825480, 825700
Disclosure of associates [text block] Disclosure text block IAS 27.17 b Disclosure
IFRS 12.B4 d Disclosure 		800500, 825480, 825700
Disclosure of joint ventures [table] Disclosure table IAS 27.17 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700
Disclosure of joint ventures [text block] Disclosure text block IAS 27.17 b Disclosure
IFRS 12.B4 b Disclosure 		800500, 825480, 825700
Disclosure of subsidiaries [table] Disclosure table IAS 27.17 b Disclosure
IFRS 12.B4 a Disclosure 		825480, 825700
Disclosure of subsidiaries [text block] Disclosure text block IAS 27.17 b Disclosure
IFRS 12.B4 a Disclosure 		800500, 825480, 825700
Entity's total for associates [member] Disclosure member IAS 27.17 b Disclosure
IFRS 12.B4 d Disclosure 		825480, 825700, 836500, 990000
Entity's total for joint ventures [member] Disclosure member IAS 27.17 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700, 836500, 990000
Entity's total for subsidiaries [member] Disclosure member IAS 27.17 b Disclosure
IFRS 12.B4 a Disclosure 		825480, 825700, 990000
Joint ventures [axis] Disclosure axis IAS 27.17 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700, 836500, 990000
Joint ventures [member] Disclosure member IAS 27.17 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700, 836500
Subsidiaries [axis] Disclosure axis IAS 27.17 b Disclosure
IFRS 12.B4 a Disclosure 		825480, 825700, 990000
Subsidiaries [member] Disclosure member IAS 24.19 c Disclosure
IAS 27.17 b Disclosure
IFRS 12.B4 a Disclosure 		818000, 825480, 825700

(c)

a description of the method used to account for the investments listed under (b).

Method used to account for investments in associates Disclosure text IAS 27.17 c Disclosure 825480
Method used to account for investments in joint ventures Disclosure text IAS 27.17 c Disclosure 825480
Method used to account for investments in subsidiaries Disclosure text IAS 27.17 c Disclosure 825480

16A

When an investment entity that is a parent (other than a parent covered by paragraph 16) prepares, in accordance with paragraph 8A, separate financial statements as its only financial statements, it shall disclose that fact. The investment entity shall also present the disclosures relating to investment entities required by IFRS 12 Disclosure of Interests in Other Entities.

[Refer:Basis for Conclusions paragraph BC8A]
Statement that investment entity prepares separate financial statements as its only financial statements Disclosure text 825480

17

When a parent (other than a parent covered by paragraphs 16⁠–⁠16A) or an investor with joint control of, or significant influence over, an investee prepares separate financial statements, the parent or investor shall identify the financial statements prepared in accordance with IFRS 10, IFRS 11 or IAS 28 (as amended in 2011) to which they relate. The parent or investor shall also disclose in its separate financial statements:E5

(a)

the fact that the statements are separate financial statements and the reasons why those statements are prepared if not required by law.

Description of nature of financial statements Disclosure text IAS 1.51 b Disclosure
IAS 27.16 a Disclosure 		110000, 825480
Description of reasons why separate financial statements are prepared if not required by law Disclosure text 825480

(b)

a list of significant investments in subsidiaries, joint ventures and associates, including:

(i)

the name of those investees.

Name of associate Disclosure text IAS 27.16 b (i) Disclosure
IFRS 12.21 a (i) Disclosure 		825480, 825700
Name of joint venture Disclosure text IAS 27.16 b (i) Disclosure
IFRS 12.21 a (i) Disclosure 		825480, 825700
Name of subsidiary Disclosure text IAS 27.16 b (i) Disclosure
IFRS 12.12 a Disclosure
IFRS 12.19B a Disclosure 		825480, 825700

(ii)

the principal place of business (and country of incorporation, if different) of those investees.

Country of incorporation of associate Disclosure text IAS 27.16 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Country of incorporation of joint venture Disclosure text IAS 27.16 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Country of incorporation of subsidiary Disclosure text IAS 27.16 b (ii) Disclosure
IFRS 12.12 b Disclosure
IFRS 12.19B b Disclosure 		825480, 825700
Principal place of business of associate Disclosure text IAS 27.16 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Principal place of business of joint venture Disclosure text IAS 27.16 b (ii) Disclosure
IFRS 12.21 a (iii) Disclosure 		825480, 825700
Principal place of business of subsidiary Disclosure text IAS 27.16 b (ii) Disclosure
IFRS 12.12 b Disclosure
IFRS 12.19B b Disclosure 		825480, 825700

(iii)

its proportion of the ownership interest (and its proportion of the voting rights, if different) held in those investees.

Proportion of ownership interest in associate Disclosure X.XX IAS 27.16 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of ownership interest in joint venture Disclosure X.XX IAS 27.16 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of ownership interest in subsidiary Disclosure X.XX IAS 27.16 b (iii) Disclosure
IFRS 12.19B c Disclosure 		825480, 825700
Proportion of voting rights held in associate Disclosure X.XX IAS 27.16 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of voting rights held in joint venture Disclosure X.XX IAS 27.16 b (iii) Disclosure
IFRS 12.21 a (iv) Disclosure 		825480, 825700
Proportion of voting rights held in subsidiary Disclosure X.XX IAS 27.16 b (iii) Disclosure
IFRS 12.19B c Disclosure 		825480, 825700
Associates [axis] Disclosure axis IAS 27.16 b Disclosure
IFRS 12.B4 d Disclosure 		825480, 825700, 836500, 990000
Associates [member] Disclosure member IAS 24.19 d Disclosure
IAS 27.16 b Disclosure
IFRS 12.B4 d Disclosure 		818000, 825480, 825700, 836500
Disclosure of associates [table] Disclosure table IAS 27.16 b Disclosure
IFRS 12.B4 d Disclosure 		825480, 825700
Disclosure of associates [text block] Disclosure text block IAS 27.16 b Disclosure
IFRS 12.B4 d Disclosure 		800500, 825480, 825700
Disclosure of joint ventures [table] Disclosure table IAS 27.16 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700
Disclosure of joint ventures [text block] Disclosure text block IAS 27.16 b Disclosure
IFRS 12.B4 b Disclosure 		800500, 825480, 825700
Disclosure of subsidiaries [table] Disclosure table IAS 27.16 b Disclosure
IFRS 12.B4 a Disclosure 		825480, 825700
Disclosure of subsidiaries [text block] Disclosure text block IAS 27.16 b Disclosure
IFRS 12.B4 a Disclosure 		800500, 825480, 825700
Entity's total for associates [member] Disclosure member IAS 27.16 b Disclosure
IFRS 12.B4 d Disclosure 		825480, 825700, 836500, 990000
Entity's total for joint ventures [member] Disclosure member IAS 27.16 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700, 836500, 990000
Entity's total for subsidiaries [member] Disclosure member IAS 27.16 b Disclosure
IFRS 12.B4 a Disclosure 		825480, 825700, 990000
Joint ventures [axis] Disclosure axis IAS 27.16 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700, 836500, 990000
Joint ventures [member] Disclosure member IAS 27.16 b Disclosure
IFRS 12.B4 b Disclosure 		825480, 825700, 836500
Subsidiaries [axis] Disclosure axis IAS 27.16 b Disclosure
IFRS 12.B4 a Disclosure 		825480, 825700, 990000
Subsidiaries [member] Disclosure member IAS 24.19 c Disclosure
IAS 27.16 b Disclosure
IFRS 12.B4 a Disclosure 		818000, 825480, 825700

(c)

a description of the method used to account for the investments listed under (b).

Method used to account for investments in associates Disclosure text IAS 27.16 c Disclosure 825480
Method used to account for investments in joint ventures Disclosure text IAS 27.16 c Disclosure 825480
Method used to account for investments in subsidiaries Disclosure text IAS 27.16 c Disclosure 825480
Description of identification of financial statements to which separate financial statements relate Disclosure text 825480
E5

[IFRIC® Update, March 2006, Agenda Decision, ‘IAS 27 Consolidated and Separate Financial Statements—Separate financial statements issued before consolidated financial statements’ 

The IFRIC considered a comment letter that had been received objecting to the draft reasons for not adding this to the IFRIC’s agenda. The comment letter argued that it is possible to interpret IAS 27 as permitting separate accounts to be published when there is a reasonable expectation that consolidated accounts will be published shortly. IFRIC members rejected this approach on the basis of the current text of the standard and reaffirmed the following text, previously published, of its reasons for not adding the item to its agenda.

The IFRIC considered whether separate financial statements issued before consolidated financial statements could be considered to comply with IFRSs.

The IFRIC noted that IAS 27 requires that separate financial statements should identify the financial statements prepared in accordance with paragraph 9 of IAS 27 to which they relate (the consolidated financial statements), unless one of the exemptions provided by paragraph 10 is applicable. 

The IFRIC decided that, since the Standard was clear, it would not expect diversity in practice and would not add this item to its agenda. [Since this agenda decision, paragraphs 9 and 10 of IAS 27 have been replaced by paragraph 4 of IFRS 10.]]

Effective date and transition

[Refer:Basis for Conclusions paragraphs BC29⁠–⁠BC32]

18

An entity shall apply this Standard for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies this Standard earlier, it shall disclose that fact and apply IFRS 10, IFRS 11, IFRS 12 and IAS 28 (as amended in 2011) at the same time.

18A

Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 5, 6, 17 and 18, and added paragraphs 8A, 11A⁠–⁠11B, 16A and 18B⁠–⁠18I. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Early adoption is permitted. If an entity applies those amendments earlier, it shall disclose that fact and apply all amendments included in Investment Entities at the same time.

[Refer:IFRS 10 Basis for Conclusions paragraphs BC288]

18B

If, at the date of initial application of the Investment Entities amendments (which, for the purposes of this IFRS, is the beginning of the annual reporting period for which those amendments are applied for the first time), a parent concludes that it is an investment entity, it shall apply paragraphs 18C⁠–⁠18I to its investment in a subsidiary.

18C

At the date of initial application, an investment entity that previously measured its investment in a subsidiary at cost shall instead measure that investment at fair value through profit or loss as if the requirements of this IFRS had always been effective. The investment entity shall adjust retrospectively the annual period immediately preceding the date of initial application and shall adjust retained earnings at the beginning of the immediately preceding period for any difference between:

(a)

the previous carrying amount of the investment; and

(b)

the fair value of the investor’s investment in the subsidiary.

18D

At the date of initial application, an investment entity that previously measured its investment in a subsidiary at fair value through other comprehensive income shall continue to measure that investment at fair value. The cumulative amount of any fair value adjustment previously recognised in other comprehensive income shall be transferred to retained earnings at the beginning of the annual period immediately preceding the date of initial application.

18E

At the date of initial application, an investment entity shall not make adjustments to the previous accounting for an interest in a subsidiary that it had previously elected to measure at fair value through profit or loss in accordance with IFRS 9, as permitted in paragraph 10.

18F

Before the date that IFRS 13 Fair Value Measurement is adopted, an investment entity shall use the fair value amounts previously reported to investors or to management, if those amounts represent the amount for which the investment could have been exchanged between knowledgeable, willing parties in an arm’s length transaction at the date of the valuation. [Refer:IFRS 10 Basis for Conclusions paragraph BC286]

18G

If measuring the investment in the subsidiary in accordance with paragraphs 18C⁠–⁠18F is impracticable (as defined in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors), an investment entity shall apply the requirements of this IFRS at the beginning of the earliest period for which application of paragraphs 18C⁠–⁠18F is practicable, which may be the current period. The investor shall adjust retrospectively the annual period immediately preceding the date of initial application, unless the beginning of the earliest period for which application of this paragraph is practicable is the current period. When the date that it is practicable for the investment entity to measure the fair value of the subsidiary is earlier than the beginning of the immediately preceding period, the investor shall adjust equity at the beginning of the immediately preceding period for any difference between:

(a)

the previous carrying amount of the investment; and

(b)

the fair value of the investor’s investment in the subsidiary.

If the earliest period for which application of this paragraph is practicable is the current period, the adjustment to equity shall be recognised at the beginning of the current period. [Refer:IFRS 10 Basis for Conclusions paragraph BC285]

18H

If an investment entity has disposed of, or lost control of, an investment in a subsidiary before the date of initial application of the Investment Entities amendments, the investment entity is not required to make adjustments to the previous accounting for that investment.

[Refer:IFRS 10 Basis for Conclusions paragraph BC285]

18I

Notwithstanding the references to the annual period immediately preceding the date of initial application (the ‘immediately preceding period’) in paragraphs 18C⁠–⁠18G, an entity may also present adjusted comparative information for any earlier periods presented, but is not required to do so. If an entity does present adjusted comparative information for any earlier periods, all references to the ‘immediately preceding period’ in paragraphs 18C⁠–⁠18G shall be read as the ‘earliest adjusted comparative period presented’. If an entity presents unadjusted comparative information for any earlier periods, it shall clearly identify the information that has not been adjusted, state that it has been prepared on a different basis, and explain that basis.

Explanation of basis of preparation of unadjusted comparative information Disclosure text IAS 16.80A Disclosure
IAS 38.130I Disclosure
IFRS 10.C6B Disclosure
IFRS 11.C13B Disclosure
Effective 2023-01-01 IFRS 17.C27 Disclosure 		822100, 823180, 825480, 825700, 836600
Identification of unadjusted comparative information Disclosure text IAS 16.80A Disclosure
IAS 38.130I Disclosure
IFRS 10.C6B Disclosure
IFRS 11.C13B Disclosure
Effective 2023-01-01 IFRS 17.C27 Disclosure 		822100, 823180, 825480, 825700, 836600
Statement that unadjusted comparative information has been prepared on different basis Disclosure text IAS 16.80A Disclosure
IAS 38.130I Disclosure
IFRS 10.C6B Disclosure
IFRS 11.C13B Disclosure
Effective 2023-01-01 IFRS 17.C27 Disclosure 		822100, 823180, 825480, 825700, 836600

18J

Equity Method in Separate Financial Statements (Amendments to IAS 27), issued in August 2014, amended paragraphs 4⁠–⁠7, 10, 11B and 12. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016 retrospectively [Refer:Basis for Conclusions paragraph BC33] in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

References to IFRS 9

19

If an entity applies this Standard but does not yet apply IFRS 9, any reference to IFRS 9 shall be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.

Withdrawal of IAS 27 (2008)

20

This Standard is issued concurrently with IFRS 10. Together, the two IFRSs supersede IAS 27 Consolidated and Separate Financial Statements (as amended in 2008).

Board Approvals

Approval by the Board of IAS 27 issued in December 2003

International Accounting Standard 27 Consolidated and Separate Financial Statements (as revised in 2003) was approved for issue by thirteen of the fourteen members of the International Accounting Standards Board. Mr Yamada dissented. His dissenting opinion related to consolidated financial statements and is set out after the Basis for Conclusions on IFRS 10 Consolidated Financial Statements.

Sir David TweedieChairman
Thomas E JonesVice-Chairman
Mary E Barth
Hans-Georg Bruns
Anthony T Cope
Robert P Garnett
Gilbert Gélard
James J Leisenring
Warren J McGregor
Patricia L O’Malley
Harry K Schmid
John T Smith
Geoffrey Whittington
Tatsumi Yamada

Approval by the Board of Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27) issued in May 2008

Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 First‑time Adoption of International Financial Reporting Standards and IAS 27) was approved for issue by eleven of the thirteen members of the International Accounting Standards Board. Professor Barth and Mr Danjou dissented. Their dissenting opinions are set out after the Basis for Conclusions.

Sir David TweedieChairman
Thomas E JonesVice-Chairman
Mary E Barth
Stephen Cooper
Philippe Danjou
Jan Engström
Robert P Garnett
Gilbert Gélard
James J Leisenring
Warren J McGregor
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Approval by the Board of Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) issued in October 2012

Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) was approved for issue by the fifteen members of the International Accounting Standards Board.

Hans HoogervorstChairman
Ian MackintoshVice-Chairman
Stephen Cooper
Philippe Danjou
Martin Edelmann
Jan Engström
Patrick Finnegan
Amaro Luiz de Oliveira Gomes
Prabhakar Kalavacherla
Patricia McConnell
Takatsugu Ochi
Paul Pacter
Darrel Scott
Chungwoo Suh
Zhang Wei-Guo

Approval by the Board of Equity Method in Separate Financial Statements (Amendments to IAS 27) issued in August 2014

Equity Method in Separate Financial Statements was approved for issue by the fourteen members of the International Accounting Standards Board.

Hans HoogervorstChairman
Ian MackintoshVice-Chairman
Stephen Cooper
Philippe Danjou
Martin Edelmann
Patrick Finnegan
Amaro Luiz de Oliveira Gomes
Gary Kabureck
Suzanne Lloyd
Takatsugu Ochi
Darrel Scott
Chungwoo Suh
Mary Tokar
Wei-Guo Zhang