Which definition of control to use? – IFRS 10 or IAS 27?

Vvidi13y ago

Hello

IFRS 10 has been issued on 31 October 2012 and is effective for annual periods beginning on or after 1 January 2014. It provides a revised definition of control.

In any part of the P2 exam for December 2012 sitting (other than Q4-current issues), how should we define control, using IFRS 10's definition or IAS 27 old definition?

Thank you!

Vidi

Kknylam13y ago#1

hi i guess it should be the updated one, even though not effective yet, it has already been issued.

quick question: when answering questions in Section B, it does not have to be exactly the same wording, right? so long as we justify ourself, we should get marks.
thx

Vvidi13y ago#2

Hi.
Thank you for your response.
In reply to your question, ACCA discourages rote learning, so you may grasp the objective and specific requirements (presentation, recognition, measurement, etc.) of each standard and convey the same to the marker, as applicable, using your own words. That should give you good marks. Also make clever use of the information from the scenario to support your answer.
Good luck!