IFRS 10 Consolidated Financial Statements

IFRS 10 establishes a control-based model for consolidated financial statements. A parent normally consolidates its subsidiaries because it has power, variable-return exposure and the ability to use power to affect those returns. Consolidation combines like balances and eliminates intragroup balances and transactions, while presenting non-controlling interests separately within equity. FA examines basic applications rather than every exception and complex arrangement.