Commission Regulation (EU) No 1254/2012
of 11 December 2012
amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 10, International Financial Reporting Standard 11, International Financial Reporting Standard 12, International Accounting Standard 27 (2011), and International Accounting Standard 28 (2011)
(Text with EEA relevance) (revoked)

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Regulation revoked (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 2 para. 33 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)

Article 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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ANNEX INTERNATIONAL ACCOUNTING STANDARDS
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INTERNATIONAL FINANCIAL REPORTING STANDARD 10 Consolidated Financial Statements
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OBJECTIVE
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1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meeting the objective
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2 To meet the objective in paragraph 1, this IFRS:
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3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCOPE
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4 An entity that is a parent shall present consolidated financial statements. This IFRS applies to all entities, except as follows:
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Control
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5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Thus, an investor controls an investee if and only if the investor has all the following:
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8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power
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10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Returns
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15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Link between power and returns
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17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ACCOUNTING REQUIREMENTS
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19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-controlling interests
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22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loss of control
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25 If a parent loses control of a subsidiary, the parent:
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26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix A Defined terms
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Appendix B Application guidance
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B1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ASSESSING CONTROL
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B2 To determine whether it controls an investee an investor shall assess whether it has all the following:
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B3 Consideration of the following factors may assist in making that determination:
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B4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purpose and design of an investee
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B5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power
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B9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Relevant activities and direction of relevant activities
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B11 For many investees, a range of operating and financing activities significantly affect their returns. Examples of activities that, depending on the circumstances, can be relevant activities include, but are not limited to:
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B12 Examples of decisions about relevant activities include but are not limited to:
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B13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
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Example 1
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Example 2
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Rights that give an investor power over an investee
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B14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B15 Examples of rights that, either individually or in combination, can give an investor power include but are not limited to:
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B16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B18 In some circumstances it may be difficult to determine whether an investor’s rights are sufficient to give it power over an investee. In such cases, to enable the assessment of power to be made, the investor shall consider evidence of whether it has the practical ability to direct the relevant activities unilaterally. Consideration is given, but is not limited, to the following, which, when considered together with its rights and the indicators in paragraphs B19 and B20, may provide evidence that the investor’s rights are sufficient to give it power over the investee:
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B19 Sometimes there will be indications that the investor has a special relationship with the investee, which suggests that the investor has more than a passive interest in the investee. The existence of any individual indicator, or a particular combination of indicators, does not necessarily mean that the power criterion is met. However, having more than a passive interest in the investee may indicate that the investor has other related rights sufficient to give it power or provide evidence of existing power over an investee. For example, the following suggests that the investor has more than a passive interest in the investee and, in combination with other rights, may indicate power:
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B20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Substantive rights
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B22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B23 Determining whether rights are substantive requires judgement, taking into account all facts and circumstances. Factors to consider in making that determination include but are not limited to:
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B24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
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Example 3
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Example 3A
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Example 3B
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Example 3C
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Example 3D
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B25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Protective rights
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B26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B28 Examples of protective rights include but are not limited to:
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Franchises
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B29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Voting rights
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B34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power with a majority of the voting rights
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B35 An investor that holds more than half of the voting rights of an investee has power in the following situations, unless paragraph B36 or paragraph B37 applies:
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Majority of the voting rights but no power
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B36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power without a majority of the voting rights
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B38 An investor can have power even if it holds less than a majority of the voting rights of an investee. An investor can have power with less than a majority of the voting rights of an investee, for example, through:
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Contractual arrangement with other vote holders
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B39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rights from other contractual arrangements
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B40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The investor’s voting rights
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B41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B42 When assessing whether an investor’s voting rights are sufficient to give it power, an investor considers all facts and circumstances, including:
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B43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
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Example 4
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Example 5
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B44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application example
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Example 6
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B45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
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Example 7
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Example 8
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B46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Potential voting rights
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B47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
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Example 9
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Example 10
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Power when voting or similar rights do not have a significant effect on the investee’s returns
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B51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
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Example 11
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Example 12
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B54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exposure, or rights, to variable returns from an investee
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B55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B57 Examples of returns include:
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Link between power and returns
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Delegated power
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B58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B60 A decision maker shall consider the overall relationship between itself, the investee being managed and other parties involved with the investee, in particular all the factors below, in determining whether it is an agent:
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B61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The scope of the decision-making authority
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B62 The scope of a decision maker’s decision-making authority is evaluated by considering:
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B63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rights held by other parties
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B64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Remuneration
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B68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B69 In determining whether it is a principal or an agent the decision maker shall also consider whether the following conditions exist:
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B70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exposure to variability of returns from other interests
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B71 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B72 In evaluating its exposure to variability of returns from other interests in the investee a decision maker shall consider the following:
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Application examples
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Example 13
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Example 14
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Example 14A
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Example 14B
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Example 14C
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Example 15
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Example 16
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Relationship with other parties
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B73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B75 The following are examples of such other parties that, by the nature of their relationship, might act as de facto agents for the investor:
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Control of specified assets
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B76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B77 An investor shall treat a portion of an investee as a deemed separate entity if and only if the following condition is satisfied:
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B78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Continuous assessment
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B80 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ACCOUNTING REQUIREMENTS
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Consolidation procedures
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B86 Consolidated financial statements:
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Uniform accounting policies
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B87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Measurement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B88 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Potential voting rights
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B89 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting date
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B92 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-controlling interests
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in the proportion held by non-controlling interests
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Loss of control
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B97 A parent might lose control of a subsidiary in two or more arrangements (transactions). However, sometimes circumstances indicate that the multiple arrangements should be accounted for as a single transaction. In determining whether to account for the arrangements as a single transaction, a parent shall consider all the terms and conditions of the arrangements and their economic effects. One or more of the following indicate that the parent should account for the multiple arrangements as a single transaction:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B98 If a parent loses control of a subsidiary, it shall:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix C Effective date and transition
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EFFECTIVE DATE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TRANSITION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C3 When applying this IFRS for the first time, an entity is not required to make adjustments to the accounting for its involvement with either:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C4 When application of this IFRS for the first time results in an investor consolidating an investee that was not consolidated in accordance with IAS 27 and SIC-12 the investor shall:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C6 Paragraphs 23, 25, B94 and B96–B99 were amendments to IAS 27 made in 2008 that were carried forward into IFRS 10. Except when an entity applies paragraph C3, the entity shall apply the requirements in those paragraphs as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

References to IFRS 9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

WITHDRAWAL OF OTHER IFRSs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix D Amendments to other IFRSs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 1 First-time Adoption of International Financial Reporting Standards
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D1 Paragraph 39I is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D2 In Appendix B, paragraph B7 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D3 In Appendix C, paragraph C1 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 2 Share-based Payment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D4 Paragraph 63A is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 3 Business Combinations
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D5 Paragraph 7 is amended and paragraph 64E is addedas follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D8 In Appendix B, paragraphs B13 and B63(e) are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 7 Financial Instruments: Disclosures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D9 Paragraph 3(a) is amended and paragraph 44O is addedas follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 9 Financial Instruments (as issued in November 2009)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D10 Paragraph 8.1.2 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D11 In Appendix C, paragraphs C18 and C19 and the headings before paragraphs C18 and C19 are deleted and paragraph C8 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 9 Financial Instruments (as issued in October 2010)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D12 Paragraph 3.2.1 is amended and paragraph 7.1.2 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D13 In Appendix B, paragraphs B3.2.1–B3.2.3 and B5.7.15 are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D14 In Appendix C, paragraphs C23 and C24 and the heading before paragraph C23 are deleted and paragraphs C11 and C30 are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 1 Presentation of Financial Statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D15 Paragraphs 4 and 123 are amended and paragraph 139H is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 7 Statement of Cash Flows
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D16 Paragraph 42B is amended and paragraph 57 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 21 The Effects of Changes in Foreign Exchange Rates
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D18 Paragraphs 19, 45 and 46 are amended and paragraph 60F is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 24 Related Party Disclosures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D19 Paragraph 3 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 27 Consolidated and Separate Financial Statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 32 Financial Instruments: Presentation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D21 Paragraph 4(a) is amended and paragraph 97I is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D22 In the Appendix, paragraph AG29 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 33 Earnings per Share
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D23 Paragraph 4 is amended and paragraph 74B is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 36 Impairment of Assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D24 Paragraph 4(a) is amended and paragraph 140H is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 38 Intangible Assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D26 Paragraph 3(e) is amended and paragraph 130F is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 39 Financial Instruments: Recognition and Measurement (as amended at October 2009)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D27 Paragraphs 2(a) and 15 are amended and paragraph 103P is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D28 In Appendix A paragraphs AG36–AG38 are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D29 In the ‘references’, the entries for IAS 27 and IAS 31 are deleted, the entry for IAS 28 is amended to ‘IAS 28 Investments in Associates and Joint Ventures’ and entries for IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements are added.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRIC 17 Distributions of Non-cash Assets to Owners
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D30 In the ‘references’, an entity for ‘IFRS 10 Consolidated Financial Statements’ is added.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERNATIONAL FINANCIAL REPORTING STANDARD 11 Joint Arrangements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

OBJECTIVE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meeting the objective
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCOPE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

JOINT ARRANGEMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 A joint arrangement has the following characteristics:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint control
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Types of joint arrangement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

FINANCIAL STATEMENTS OF PARTIES TO A JOINT ARRANGEMENT
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint operations
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20 A joint operator shall recognise in relation to its interest in a joint operation:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint ventures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SEPARATE FINANCIAL STATEMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26 In its separate financial statements, a joint operator or joint venturer shall account for its interest in:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27 In its separate financial statements, a party that participates in, but does not have joint control of, a joint arrangement shall account for its interest in:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix A Defined terms
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix B Application guidance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

JOINT ARRANGEMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Contractual arrangement (paragraph 5)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B4 The contractual arrangement sets out the terms upon which the parties participate in the activity that is the subject of the arrangement. The contractual arrangement generally deals with such matters as:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint control (paragraphs 7–13)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application examples
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Example 1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Example 2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Example 3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessing joint control
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TYPES OF JOINT ARRANGEMENT (PARAGRAPHS 14–19)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Classification of a joint arrangement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B15 As stated in paragraph B14, the classification of joint arrangements requires the parties to assess their rights and obligations arising from the arrangement. When making that assessment, an entity shall consider the following:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Structure of the joint arrangement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint arrangements not structured through a separate vehicle
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint arrangements structured through a separate vehicle
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B21 As stated in paragraph B15, when the parties have structured a joint arrangement in a separate vehicle, the parties need to assess whether the legal form of the separate vehicle, the terms of the contractual arrangement and, when relevant, any other facts and circumstances give them:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Classification of a joint arrangement: assessment of the parties’ rights and obligations arising form the arrangement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The legal form of the separate vehicle
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessing the terms of the contractual arrangement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application example
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Example 4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B27 The following table compares common terms in contractual arrangements of parties to a joint operation and common terms in contractual arrangements of parties to a joint venture. The examples of the contractual terms provided in the following table are not exhaustive.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessing other facts and circumstances
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application example
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Example 5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B33 The following flow chart reflects the assessment an entity follows to classify an arrangement when the joint arrangement is structured through a separate vehicle:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Classification of a joint arrangement structured through a separate vehicle
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

FINANCIAL STATEMENTS OF PARTIES TO A JOINT ARRANGEMENT (PARAGRAPH 22)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accounting for sales or contributions of assets to a joint operation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accounting for purchases of assets from a joint operation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix C Effective date, transition and withdrawal of other IFRSs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EFFECTIVE DATE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TRANSITION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint ventures—transition from proportionate consolidation to the equity method
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint operations—transition from the equity method to accounting for assets and liabilities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C9 Any difference arising from the investment previously accounted for using the equity method together with any other items that formed part of the entity’s net investment in the arrangement in accordance with paragraph 38 of IAS 28 (as amended in 2011), and the net amount of the assets and liabilities, including any goodwill, recognised shall be:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transition provisions in an entity’s separate financial statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C12 An entity that, in accordance with paragraph 10 of IAS 27, was previously accounting in its separate financial statements for its interest in a joint operation as an investment at cost or in accordance with IFRS 9 shall:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

References to IFRS 9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

WITHDRAWAL OF OTHER IFRSS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C15 This IFRS supersedes the following IFRSs:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix D Amendments to other IFRSs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D1 This table shows how the following references have been amended in other IFRSs.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 1 First-time Adoption of International Financial Reporting Standards
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D2 Paragraph 39I is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D3 Paragraph D1 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D4 After paragraph D30, a heading and paragraph D31 are added.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Joint arrangements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 2 Share-based Payment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D5 Paragraph 63A is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D6 Paragraph 28 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D7 Paragraph 44G is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 7 Financial Instruments: Disclosures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D8 Paragraph 3(a) is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D9 Paragraph 44O is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 9 Financial Instruments (as issued in November 2009)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D10 Paragraph 8.1.2 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D11 In Appendix C, in paragraph C8, the amendments to paragraph 3(a) of IFRS 7 Financial Instruments: Disclosures are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRS 9 Financial Instruments (as issued in October 2010)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D14 Paragraph 7.1.2 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D15 In Appendix C, in paragraph C11, the amendments to paragraph 3(a) of IFRS 7 Financial Instruments: Disclosures are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D18 In paragraph C30, the amendments to paragraph 4(a) of IAS 32 Financial Instruments: Presentation are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 7 Statement of Cash Flows
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D20 Paragraphs 37 and 38 are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D22 Paragraph 57 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 12 Income Taxes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D25 Paragraph 39 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D26 Paragraph 43 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D27 Paragraph 98A is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 18 Revenue
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D29 Paragraph 41 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 21 The Effects of Changes in Foreign Exchange Rates
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D33 In paragraph 46 the last sentence is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D34 Paragraph 48A is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D35 Paragraph 60F is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 24 Related Party Disclosures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D36 Paragraph 3 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D37 Paragraph 19 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D38 Paragraph 25 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D39 Paragraph 28A is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 32 Financial Instruments: Presentation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D40 Paragraph 4(a) is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D41 Paragraph 97I is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 33 Earnings per Share
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D42 Paragraph 40 and A11 are amended and paragraph 74B is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 36 Impairment of Assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D43 Paragraph 140H is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 38 Intangible Assets
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D44 Paragraph 3(e) is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D45 Paragraph 130F is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 39 Financial Instruments: Recognition and Measurement (as amended at October 2009)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D46 Paragraph 2(a) is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D47 Paragraphs AG3 and AG4I(a) are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D48 Paragraph 103P is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D49 Paragraphs 8 and 9 are amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D50 Paragraph 14B is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRIC 9 Reassessment of Embedded Derivatives
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D52 Paragraph 12 is added as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IFRIC 16 Hedges of a Net Investment in a Foreign Operation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D53 The footnote to paragraph 2 is amended as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERNATIONAL FINANCIAL REPORTING STANDARD 12 Disclosure of Interests in Other Entities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

OBJECTIVE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 The objective of this IFRS is to require an entity to disclose information that enables users of its financial statements to evaluate:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meeting the objective
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 To meet the objective in paragraph 1, an entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCOPE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 This IFRS shall be applied by an entity that has an interest in any of the following:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 This IFRS does not apply to:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SIGNIFICANT JUDGEMENTS AND ASSUMPTIONS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 An entity shall disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in determining:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 To comply with paragraph 7, an entity shall disclose, for example, significant judgements and assumptions made in determining that:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERESTS IN SUBSIDIARIES
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 An entity shall disclose information that enables users of its consolidated financial statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11 When the financial statements of a subsidiary used in the preparation of consolidated financial statements are as of a date or for a period that is different from that of the consolidated financial statements (see paragraphs B92 and B93 of IFRS 10), an entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The interest that non-controlling interests have in the group’s activities and cash flows
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12 An entity shall disclose for each of its subsidiaries that have non-controlling interests that are material to the reporting entity:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The nature and extent of significant restrictions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13 An entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nature of the risks associated with an entity’s interests in consolidated structured entities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15 If during the reporting period a parent or any of its subsidiaries has, without having a contractual obligation to do so, provided financial or other support to a consolidated structured entity (eg purchasing assets of or instruments issued by the structured entity), the entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consequences of changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consequences of losing control of a subsidiary during the reporting period
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19 An entity shall disclose the gain or loss, if any, calculated in accordance with paragraph 25 of IFRS 10, and:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERESTS IN JOINT ARRANGEMENTS AND ASSOCIATES
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20 An entity shall disclose information that enables users of its financial statements to evaluate:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nature, extent and financial effects of an entity’s interests in joint arrangements and associates
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21 An entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22 An entity shall also disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Risks associated with an entity’s interests in joint ventures and associates
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23 An entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24 An entity shall disclose information that enables users of its financial statements:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nature of interests
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27 If an entity has sponsored an unconsolidated structured entity for which it does not provide information required by paragraph 29 (eg because it does not have an interest in the entity at the reporting date), the entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nature of risks
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29 An entity shall disclose in tabular format, unless another format is more appropriate, a summary of:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30 If during the reporting period an entity has, without having a contractual obligation to do so, provided financial or other support to an unconsolidated structured entity in which it previously had or currently has an interest (for example, purchasing assets of or instruments issued by the structured entity), the entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix A Defined terms
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix B Application guidance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

AGGREGATION (PARAGRAPH 4)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B4 An entity shall present information separately for interests in:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B6 Examples of aggregation levels within the classes of entities set out in paragraph B4 that might be appropriate are:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERESTS IN OTHER ENTITIES
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SUMMARISED FINANCIAL INFORMATION FOR SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (PARAGRAPHS 12 AND 21)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B10 For each subsidiary that has non-controlling interests that are material to the reporting entity, an entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B12 For each joint venture and associate that is material to the reporting entity, an entity shall disclose:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B13 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:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B14 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:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B15 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:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B16 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’:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

COMMITMENTS FOR JOINT VENTURES (PARAGRAPH 23(a))
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B19 Unrecognised commitments that may give rise to a future outflow of cash or other resources include:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERESTS IN UNCONSOLIDATED STRUCTURED ENTITIES (PARAGRAPHS 24–31)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Structured entities
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B22 A structured entity often has some or all of the following features or attributes:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B23 Examples of entities that are regarded as structured entities include, but are not limited to:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nature of risks from interests in unconsolidated structured entities (paragraphs 29–31)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B26 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:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix C Effective date and transition
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EFFECTIVE DATE AND TRANSITION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

REFERENCES TO IFRS 9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix D Amendments to other IFRSs
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 1 Presentation of Financial Statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D1 Paragraphs 119 and 124 are amended and paragraph 139H is added as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAS 24 Related Party Disclosures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D2 Paragraph 15 is amended and paragraph 28A is added as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERNATIONAL ACCOUNTING STANDARD 27 Separate Financial Statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

OBJECTIVE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCOPE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

DEFINITIONS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 The following terms are used in this Standard with the meanings specified:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 The following terms are defined in Appendix A of IFRS 10 Consolidated Financial Statements, Appendix A of IFRS 11 Joint Arrangements and paragraph 3 of IAS 28 Investments in Associates and Joint Ventures:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PREPARATION OF SEPARATE FINANCIAL STATEMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 When an entity prepares separate financial statements, it shall account for investments in subsidiaries, joint ventures and associates either:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13 When a parent reorganises the structure of its group by establishing a new entity as its parent in a manner that satisfies the following criteria:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

DISCLOSURE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 When a parent, in accordance with paragraph 4(a) of IFRS 10, elects not to prepare consolidated financial statements and instead prepares separate financial statements, it shall disclose in those separate financial statements:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17 When a parent (other than a parent covered by paragraph 16) or an investor with joint control of, or significant influence over, an investee prepares separate financial statements, the parent or investor shall identify the financial statements prepared in accordance with IFRS 10, IFRS 11 or IAS 28 (as amended in 2011) to which they relate. The parent or investor shall also disclose in its separate financial statements:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EFFECTIVE DATE AND TRANSITION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

References to IFRS 9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

WITHDRAWAL OF IAS 27 (2008)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

INTERNATIONAL ACCOUNTING STANDARD 28 Investments in Associates and Joint Ventures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

OBJECTIVE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCOPE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

DEFINITIONS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 The following terms are used in this Standard with the meanings specified:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 The following terms are defined in paragraph 4 of IAS 27 Separate Financial Statements and in Appendix A of IFRS 10 Consolidated Financial Statements and are used in this Standard with the meanings specified in the IFRSs in which they are defined:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SIGNIFICANT INFLUENCE
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 The existence of significant influence by an entity is usually evidenced in one or more of the following ways:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EQUITY METHOD
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10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

APPLICATION OF THE EQUITY METHOD
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exemptions from applying the equity method
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17 An entity need not apply the equity method to its investment in an associate or a joint venture if the entity is a parent that is exempt from preparing consolidated financial statements by the scope exception in paragraph 4(a) of IFRS 10 or if all the following apply:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Classification as held for sale
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Discontinuing the use of the equity method
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22 An entity shall discontinue the use of the equity method from the date when its investment ceases to be an associate or a joint venture as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in ownership interest
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity method procedures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32 An investment is accounted for using the equity method from the date on which it becomes an associate or a joint venture. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Impairment losses
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42 Because goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not separately recognised, it is not tested for impairment separately by applying the requirements for impairment testing goodwill in IAS 36 Impairment of Assets. Instead, the entire carrying amount of the investment is tested for impairment in accordance with IAS 36 as a single asset, by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, whenever application of IAS 39 indicates that the investment may be impaired. An impairment loss recognised in those circumstances is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment in the associate or joint venture. Accordingly, any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. In determining the value in use of the investment, an entity estimates:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SEPARATE FINANCIAL STATEMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EFFECTIVE DATE AND TRANSITION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

References to IFRS 9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

WITHDRAWAL OF IAS 28 (2003)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .