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Section 9 – Consolidated Financial Statements |
Ref |
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1. |
The following disclosures shall be made in consolidated financial statements: a) the fact that the statements are consolidated financial statements; b) the basis for concluding that control exists when the parent does not own, directly or indirectly through subsidiaries, more than half of the voting power; c) any difference in the reporting date of the financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements; d) the nature and extent of any significant restrictions (eg resulting from borrowing arrangements or regulatory requirements) on the ability of subsidiaries to transfer funds to the parent in the form of cash dividends or to repay loans; and e) the name of any subsidiary excluded from consolidation and the reason for exclusion.
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9.23 |
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Individual Financial Statements of Parent |
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2. |
When a parent prepares separate financial statements, those separate financial statements shall disclose: a) that the statements are separate financial statements; and b) a description of the methods used to account for the investments in subsidiaries, jointly controlled entities and associates. |
9.27 |
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3. |
A parent that uses one of the exemptions from presenting consolidated financial statements (described in paragraph 9.3) shall disclose the grounds on which the parent is exempt. |
9.27A |
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4. |
When a sponsoring entity recognises the assets and liabilities held by an intermediary, it should disclose sufficient information in the notes to its financial statements to enable users to understand the significance of the intermediary and the arrangement in the context of the sponsoring entity’s financial statements. This should include: a) a description of the main features of the intermediary including the arrangements for making payments and for distributing equity instruments; b) any restrictions relating to the assets and liabilities of the intermediary; c) the amount and nature of the assets and liabilities held by the intermediary, which have not yet vested unconditionally with the beneficiaries of the arrangement; d) the amount that has been deducted from equity and the number of equity instruments held by the intermediary, which have not yet vested unconditionally with the beneficiaries of the arrangement; e) for entities that have their equity instruments listed or publicly traded on a stock exchange or market, the market value of the equity instruments held by the intermediary which have not yet vested unconditionally with employees; f) the extent to which the equity instruments are under option to employees, or have been conditionally gifted to them; and g) the amount that has been deducted from the aggregate dividends paid by the sponsoring entity. |
9.38 |
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