Summarised financial information for subsidiaries, joint ventures
and associates (paragraphs 12 and 21) summarised financial information about the assets, liabilities, profit or loss and cash flows of the subsidiary that enables users to understand the interest that non-controlling interests have in the group's activities and cash flows. That information might include but is not limited to, for example, current assets, non-current assets, current liabilities, non-current liabilities, revenue, profit or loss and total comprehensive income The summarised financial information required by paragraph B10(b) shall be the amounts before inter-company eliminations.
For each joint venture and associate that is material to the reporting entity, an
entity shall disclose:
(a) dividends received from the joint venture or associate.
(b) summarised financial information for the joint venture or associate (see
paragraphs B14 and B15) including, but not necessarily limited to:
profit or loss from continuing operations.
post-tax profit or loss from discontinued operations.
other comprehensive income.
total comprehensive income.
In addition to the summarised financial information required by paragraph B12, an entity shall disclose for each joint venture that is material to the reporting entity the amount of:
cash and cash equivalents included in paragraph B12(b)(i).
current financial liabilities (excluding trade and other payables and
provisions) included in paragraph B12(b)(iii).
non-current financial liabilities (excluding trade and other payables and provisions) included in paragraph B12(b)(iv).
depreciation and amortisation.
interest income. interest expense.
income tax expense or income.
The summarised financial information presented in accordance with paragraphs B12 and B13 shall be the amounts included in the IFRS financial statements of the joint venture or associate (and not the entity's share of those amounts). If the entity accounts for its interest in the joint venture or associate
using the equity method:
the amounts included in the IFRS financial statements of the joint venture or associate shall be adjusted to reflect adjustments made by the entity when using the equity method, such as fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies.
the entity shall provide a reconciliation of the summarised financial information presented to the carrying amount of its interest in the joint venture or associate.
An entity may present the summarised financial information required by paragraphs B12 and B13 on the basis of the joint venture's or associate's financial statements if:
the entity measures its interest in the joint venture or associate at fair
value in accordance with IAS 28 (as amended in 2011); and
the joint venture or associate does not prepare IFRS financial statements
and preparation on that basis would be impracticable or cause undue cost.
In that case, the entity shall disclose the basis on which the summarised financial information has been prepared.
An entity shall disclose, in aggregate, the carrying amount of its interests in all individually immaterial joint ventures or associates that are accounted for using the equity method. An entity shall also disclose separately the aggregate
amount of its share of those joint ventures' or associates':
(a) profit or loss from continuing operations.
(b) post-tax profit or loss from discontinued operations.
(c) other comprehensive income.
(d) total comprehensive income.
An entity provides the disclosures separately for joint ventures and associates.
When an entity's interest in a subsidiary, a joint venture or an associate (or a portion of its interest in a joint venture or an associate) is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the entity is not required to disclose summarised financial information for that subsidiary, joint venture or associate in accordance with paragraphs B10-B16.
Commitments for joint ventures (paragraph 23(a))
An entity shall disclose total commitments it has made but not recognised at the reporting date (including its share of commitments made jointly with other investors with joint control of a joint venture) relating to its interests in joint ventures. Commitments are those that may give rise to a future outflow of cash or other resources.
Unrecognised commitments that may give rise to a future outflow of cash or other resources include: unrecognised commitments to contribute funding or resources as a result of, for example:
the constitution or acquisition agreements of a joint venture (that, for example, require an entity to contribute funds over a specific period).
capital-intensive projects undertaken by a joint venture.
unconditional purchase obligations, comprising procurement of equipment, inventory or services that an entity is committed to purchasing from, or on behalf of, a joint venture.
unrecognised commitments to provide loans or other financial support to a joint venture.
unrecognised commitments to contribute resources to a joint venture, such as assets or services. other non-cancellable unrecognised commitments relating to a joint venture.
(b) unrecognised commitments to acquire another party's ownership interest (or a portion of that ownership interest) in a joint venture if a particular event occurs or does not occur in the future.
The requirements and examples in paragraphs B18 and B19 illustrate some of the types of disclosure required by paragraph 18 of IAS 24 Related Party Disclosures.
Interests in unconsolidated structured entities (paragraphs 24-31)
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
A structured entity often has some or all of the following features or attributes:
restricted activities. a narrow and well-defined objective, such as to effect a tax-efficient lease, carry out research and development activities, provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors.
insufficient equity to permit the structured entity to finance its activities
without subordinated financial support.
financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches).
Examples of entities that are regarded as structured entities include, but are not limited to:
Nature of risks from interests in unconsolidated
structured entities (paragraphs 29-31)
In addition to the information required by paragraphs 29-31, an entity shall
disclose additional information that is necessary to meet the disclosure objective in paragraph 24(b).
Examples of additional information that, depending on the circumstances, might be relevant to an assessment of the risks to which an entity is exposed
when it has an interest in an unconsolidated structured entity are:
the terms of an arrangement that could require the entity to provide
financial support to an unconsolidated structured entity (eg liquidity arrangements or credit rating triggers associated with obligations to purchase assets of the structured entity or provide financial support),
a description of events or circumstances that could expose the reporting entity to a loss.
whether there are any terms that would limit the obligation.
whether there are any other parties that provide financial support and, if so, how the reporting entity's obligation ranks with those of other parties.
losses incurred by the entity during the reporting period relating to its interests in unconsolidated structured entities.
the types of income the entity received during the reporting period from its interests in unconsolidated structured entities. whether the entity is required to absorb losses of an unconsolidated structured entity before other parties, the maximum limit of such losses for the entity, and (if relevant) the ranking and amounts of potential losses borne by parties whose interests rank lower than the entity's interest in the unconsolidated structured entity.
information about any liquidity arrangements, guarantees or other commitments with third parties that may affect the fair value or risk of the entity's interests in unconsolidated structured entities.
any difficulties an unconsolidated structured entity has experienced in financing its activities during the reporting period. in relation to the funding of an unconsolidated structured entity, the forms of funding (eg commercial paper or medium-term notes) and their weighted-average life. That information might include maturity analyses of the assets and funding of an unconsolidated structured entity if the structured entity has longer-term assets funded by shorter-term funding.
Effective date and transition
This appendix is an integral part of the IFRS and has the same authority as the other parts of the IFRS.
Effective date and transition
An entity shall apply this IFRS for annual periods beginning on or after 1 January 2013. Earlier application is permitted. Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12), issued in June 2012, added paragraphs C2A-C2B. An entity shall apply those amendments for annual periods beginning on or after 1 January 2013. If an entity applies IFRS 12 for an earlier period, it shall apply those amendments for that earlier period
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraph 2 and Appendix A, and added paragraphs 9A-9B, 19A-19G, 21A and 25A. 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.
An entity is encouraged to provide information required by this IFRS earlier than annual periods beginning on or after 1 January 2013. Providing some of the disclosures required by this IFRS does not compel the entity to comply with all the requirements of this IFRS or to apply IFRS 10, IFRS 11, IAS 27 (as amended in 2011) and IAS 28 (as amended in 2011) early.
The disclosure requirements of this IFRS need not be applied for any period presented that begins before the annual period immediately preceding the first annual period for which IFRS 12 is applied.
The disclosure requirements of paragraphs 24-31 and the corresponding guidance in paragraphs B21-B26 of this IFRS need not be applied for any period presented that begins before the first annual period for which IFRS 12 is applied.
References to IFRS 9
If an entity applies this IFRS 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.
Amendments to other IFRSs
This appendix sets out amendments to other IFRSs that are a consequence of the Board issuing IFRS 12. An entity shall apply the amendments for annual periods beginning on or after 1 January 2013. If an entity applies IFRS 12 for an earlier period, it shall apply the amendments for that earlier period. Amended paragraphs are shown with new text underlined and deleted text struck through.
The amendments contained in this appendix when this IFRS was issued in 2011 have been incorporated into the relevant IFRSs published in this volume.
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