IFRS 10- The parent and subsidiaries are required to have the same reporting dates.
Where impracticable, the most recent financial statements of the subsidiary are used:
-”The length of the reporting periods and any difference in the reporting dates must be the same from period to period.”
Can the reporting dates not change?
Could you please explain it?
Yes, you could change the reporting dates but that might not be feasible for say the first set of consolidated accounts as the acquisition is too close to the group reporting date. As time progresses, the parent is likely to bring all of the subsidiary under the same reporting date, but it can’t just happen overnight.
Hope that clears it up for you.
Alright, Thank you!!
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