Summary Section 9 deals with the requirement to present consolidated financial statements, the consolidation procedures to be performed, accounting for acquisitions and disposals in a group and the presentation of non-controlling interests. What is new? When a parent entity increases/decreases its interest in a subsidiary with no change in control, this is accounted for as […]

Summary Section 8 describes the principles underlying the information that is to be presented in the notes to the financial statements. What is new? Section 8 requires a note to be included in the financial statements detailing the judgements and estimates that management have made in applying the accounting policies, and that have the most […]

Summary Section 7 deals with the information that is to be presented in a statement of cash flow and identifies which entities may qualify for exemption from preparing cash flow statements. What is new? Section 7 provides an exemption from presenting cash flow statements if the entity is a qualifying entity.[1] Old GAAP provided an […]

Summary Section 6 deals with the requirements for the presentation of changes in an entity’s equity for a period. What is new? If the only changes in equity arise from profit or loss, dividends, changes in accounting policies or the correction of errors, a combined statement of income and retained earnings may be presented instead […]

Summary Section 5 deals with the presentation of total comprehensive income for the reporting period. It allows presentation in one or two statements and sets out the information to be presented in those statements. What is new? Section 5 requires the presentation of total comprehensive income either in: A single statement of comprehensive income; or […]