IFRS CONSOLIDATION OF ACCOUNTS PACKAGE

In May 2011 the IASB published a package of five new standards which set out new requirements for consolidation, accounting for joint arrangements, and disclosure of interests in other entities. These are effective for period beginning on or after 1 January 20131, and are required to be adopted as a package (except for the disclosure requirements of IFRS 12
Disclosure of Interests in Other Entities, which can be adopted early on a stand-alone basis).
The new standards are:
– IFRS 10 Consolidated Financial Statements
– IFRS 11 Joint Arrangements
– IFRS 12 Disclosure of Interests in Other Entities.
In addition, the following standards were revised and renamed:
– IAS 27(2011) Separate Financial Statements
– IAS 28(2011) Investments in Associates and Joint Ventures.
The consolidation requirements previously included in IAS 27(2008) and SIC-12 have been replaced and are set out in a single standard, IFRS 10. The revised IAS 27(2011) now only includes guidance for separate financial statements.
Guidance for jointly controlled entities that was previously included in IAS 31 Interests in Joint Ventures is now provided in IFRS 11.
All disclosure requirements that, under previous guidance, were included in the individual standards ( IAS 27(2008),  IAS 28(2008) and IAS 31), are now set out in IFRS 12.
Consequently, the requirements of IAS 27(2008) have been amended and restructured, and are now included in three different accounting standards.