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Commission Regulation
(EC) No 1725/2003 of 29 September 2003 adopting certain
international accounting standards in accordance with
Regulation (EC) No 1606/2002 of the European Parliament
and of the Council
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Accounting for
Investments in Subsidiaries, Jointly Controlled
Entities and Associates in Separate Financial
Statements
37. When
separate financial statements are prepared, investments
in subsidiaries, jointly controlled entities and
associates that are not classified as held for sale (or
included in a disposal group that is classified as held
for
sale) in accordance with IFRS 5 shall be accounted for
either:
(a)
at cost, or
(b)
in accordance with IAS 39.
The same
accounting shall be applied for each category of
investments. Investments in subsidiaries, jointly
controlled entities and associates that are classified
as held for sale (or included in a disposal group that
is classified
as held for sale) in accordance with IFRS 5 shall be
accounted for in accordance with that IFRS.
38. This Standard
does not mandate which entities produce separate financial
statements available for public use. Paragraphs 37 and 39- 42
apply when an entity prepares separate financial statements
that comply with International Financial Reporting Standards.
The entity also produces consolidated financial statements
available for public use as required by paragraph 9, unless
the exemption provided in paragraph 10 is applicable.
39.
Investments in jointly controlled entities and
associates that are accounted for in accordance with IAS
39 in the consolidated financial statements shall be
accounted for in the same way in the investor’s separate
financial statements.
Disclosure
40. The following
disclosures shall be made in consolidated financial statements:
(a) [deleted]
(b) [deleted]
(c) the nature of
the relationship between the parent and a subsidiary
when the parent does not own, directly or indirectly
through subsidiaries, more than half of the voting
power;
(d) the reasons why
the ownership, directly or indirectly through subsidiaries,
of more than half of the voting or potential voting
power of an investee does not constitute control;
(e) the reporting
date of the financial statements of a subsidiary
when
such financial statements are used to prepare consolidated
financial statements and are as of a reporting date
or for a period that is different from that of the parent,
and the reason for using a different reporting date or
period; and
(f) 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
or advances.
41. When separate
financial statements are prepared for a parent that, in
accordance with paragraph 10, elects not to prepare
consolidated financial statements, those
separate financial statements shall disclose:
(a) the fact that
the financial statements are separate financial statements;
that the exemption from consolidation has been used;
the name and country of incorporation or residence of
the
entity whose consolidated financial statements that
comply
with International Financial Reporting Standards
have
been produced for public use; and the address where
those
consolidated financial statements are obtainable;
(b) a list of
significant investments in subsidiaries, jointly
controlled
entities and associates, including the name, country
of incorporation or residence, proportion of ownership
interest and, if different, proportion of voting
power
held; and
(c) a description of
the method used to account for the investments
listed under (b).
42. When a parent (other
than a parent covered by paragraph 41), venturer
with an interest in a jointly controlled entity or an investor
in an associate prepares separate financial statements,
those separate financial statements shall
disclose:
(a) the fact that
the statements are separate financial statements
and
the reasons why those statements are prepared if not
required
by law;
(b) a list of
significant investments in subsidiaries, jointly
controlled
entities and associates, including the name, country
of incorporation or residence, proportion of ownership
interest and, if different, proportion of voting
power
held; and
(c) a description of
the method used to account for the investments
listed under (b);
and shall identify
the financial statements prepared in accordance with
paragraph 9 of this Standard, IAS 28 and IAS 31 to which they
relate.
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