Gaap guidelines for consolidating entities with different, references :
Consolidation Models The consolidation models for the IFRS entails the focus on control, without considering the form of the entity that has invested.
Specific rules apply for certain industries. Consolidated financial statements are prepared using uniform accounting policies for like transactions and events in similar circumstances for all of the entities in a group.
Accordingly, there could be situations in which an entity is consolidated under IFRS based on the notion of de facto control.
Differences between IFRS and US GAAP
GAAP combines authoritative principles set by policy boards, and acceptable ways of recording and reporting monetary data. IFRS serves to provide a worldwide framework that shows how companies should prepare and disclose their financial statements.
Parent entities prepare consolidated financial statements that include all subsidiaries. Both systems present the financial statement in different formats.
Special purpose entities SPEs are consolidated where the substance of the relationship indicates that an entity controls the SPE. Similar to IFRS, with certain exceptions. Control, in this case, means that the investor has: However, the consolidation of subsidiary accounts can be drawn up at a different reporting date provided the difference between the reporting dates is no more than three months.
Currently exercisable potential voting rights should also be considered to determine whether control exists.
Definition of Terms International Financial Reporting Standards IFRSis a set of standards for accounting that are developed by an independent nonprofit organization known as the International Accounting Standards Board whereas the Generally Accepted Accounting Principles GAAPare a set of principles, criteria, and processes in accounting that should be followed by a company in the process of compiling their financial statements.
The IFRS guides the process of preparing the financial statements but does not dictate how the reporting should be specifically done.
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