Presented by Martin Olde, this Live Webinar Recording explores some of the practical issues faced by entities applying the new requirements contained in AASB 10.
On 31 October 2013 the AASB issued Australian Accounting Standard AASB 2013-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities – Control and Structured Entities.
The amendments provide guidance to assist not-for-profit entities apply AASB 10 Consolidated Financial Statements and AASB 12 Disclosure of Interests in Other Entities.
These Standards are to be first applied from 1 January 2014.
As a reminder, the new AASB 10 control model comprises three key criteria:
- The power of an investor to direct the relevant activities of the investee;
- The investor’s exposure or rights to variable returns from its involvement in the investee; and
- The investor’s ability to use its power to affect the investor’s returns arising from its involvement with the investee.
All three elements are necessary for one entity to control and, therefore, consolidate another entity.
Find out more about the application of AASB 10 in the webinar recording.
