IFRS 10

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    rania
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    what does the term “PRINCIPLES BASED APPROACH MEANS?” its used in the book as follows
    “IFRS 10 adopts a principles based approach to determining whether or not control is exercised in given situation”


    Avatar of MikeLittle
    MikeLittle
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    It’s almost synonymous with “complying with the spirit rather than the letter”

    Previously, control was established only by considering actual voting power of >50%.

    IFRS10 looks at the commercial reality rather than such a black / white question of >50%

    OK?


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    rania
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    ok thank you .. yr answer is quiet satisfactory


    Avatar of MikeLittle
    MikeLittle
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    Well, thanks ( only QUITE satisfactory? I’ll have to try harder next time! )

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