IAS 27, titled "Consolidated and Separate Financial Statements,"

IAS 27, titled "Consolidated and Separate Financial Statement

IAS 27, titled "Consolidated and Separate Financial Statements," was superseded and replaced by two separate standards: IFRS 10 "Consolidated Financial Statements" and IAS 27 "Separate Financial Statements" (revised in 2011). The revision led to IAS 27 focusing solely on separate financial statements, while IFRS 10 covers consolidated financial statements.

However, Below is a brief overview of the original IAS 27, as it stood before being superseded:

IAS 27: Consolidated and Separate Financial Statements (Original Standard)

1. Objective: The original IAS 27 aimed to establish the principles for the preparation and presentation of consolidated financial statements when an entity controls one or more other entities. It also provided guidance on the accounting for investments in subsidiaries, joint ventures, and associates when an entity elects, or is required by local regulations, to present separate (non-consolidated) financial statements.

2. Scope: This standard applied to all entities that produce consolidated financial statements and those that prepared separate financial statements.

3. Consolidated Financial Statements: The standard required an entity (a parent) that has one or more subsidiaries to present consolidated financial statements. It defined control and established the principles for consolidation, including the requirement to consolidate an entity when the parent has control over the subsidiary.

4. Accounting for Subsidiaries in Separate Financial Statements: When separate financial statements were prepared, investments in subsidiaries could be accounted for either at cost or in accordance with IAS 39 Financial Instruments: Recognition and Measurement (now superseded by IFRS 9 Financial Instruments).

5. Disclosures: IAS 27 required certain disclosures to ensure that users of the financial statements had sufficient information to evaluate the nature of the relationships between the parent and its subsidiaries, and the effects of those relationships on its financial position, financial performance, and cash flows.

6. Minority Interests: The original IAS 27 included guidance on how to account for and disclose minority interests in the consolidated financial statements.

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