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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”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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