Doesn’t this sounds interesting? Equity method of accounting in the separate financial statements are now allowed which will help some jurisdictions move to (International Financial Reporting Standards (IFRS) for separate financial statements, reducing compliance costs without reducing the information available to investors. The International Accounting Standards Board (IABS) define this amendment as a “narrow-scope” amendment that will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements.
(When used in this article, IFRS and International Accounting Standards (IAS) shall also mean Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) as Philippines adopt its reporting standards from the international standard-setting bodies)
What are Separate Financial Statements?
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