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IFRS 10 revised the definition of having "control" of another entity, and thus requiring that entity to be consolidated onto the controlling entity's balance sheet. [1] The revised definition is expected to increase the likelihood that an entity is deemed to have control over another.
IFRS 10: SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers 1998 January 1, 1999: January 1, 2013: IFRS 10: SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items 1998 July 1, 1999: January 1, 2005: IAS 16: SIC 15 Operating Leases-Incentives 1998 January 1, 1999: January 1, 2019: IFRS 16 ...
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue ...
The auditor expresses an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework, such as IFRS. [10] ISA 320, paragraph A3, states that this assessment of what is material is a matter of professional judgement.
Second, auditors are required to consider the risk of material misstatement through understanding the entity and its environment, including the entity's internal control. [ 3 ] [ 4 ] Financial statement assertions provide a framework to assess the risk of material misstatement in each significant account balance or class of transactions.