Presentation of separate financial statements
9.25 Separate financial statements are a second set of financial statements presented by an entity in addition to any of the following:
- consolidated financial statements prepared by a parent;
- financial statements prepared by a parent exempted from preparing consolidated financial statements by Parent only holding subsidiaries acquired for sale or disposal and/or not sold or disposed within one year; or
- financial statements prepared by an entity that is not a parent but is an investor in an associate or has a venturer’s interest in a joint venture.
Accounting policy election
9.26 When a parent, an investor in an associate or a venturer with an interest in a jointly controlled entity prepares separate financial statements and describes them as conforming to the IFRS in summary, those statements shall comply with all of the requirements of this Standard except as follows. The entity shall adopt a policy of accounting for its investments in subsidiaries, associates and jointly controlled entities in its separate financial statements either:
- at cost less impairment;
- at fair value with changes in fair value recognised in profit or loss; or
- using the equity method following the procedures in Investor’s share in results of an equity investment of Investments in Associates.
The entity shall apply the same accounting policy for all investments in a single class (subsidiaries, associates or jointly controlled entities), but it can elect different policies for different classes.
Disclosures in separate financial statements
9.27 When a parent, an investor in an associate or a venturer with an interest in a jointly controlled entity prepares separate financial statements, those separate financial statements shall disclose:
- that the statements are separate financial statements; and
- a description of the methods used to account for the investments in subsidiaries, jointly controlled entities and associates,
and shall identify the consolidated financial statements or other primary financial statements
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