Summary
Summary Group Statements Volume 1 Chapter 1
- Course
- Institution
Basic introduction to group companies and accounting in line with amongst others IFRS 3 and 10
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Types of Reporting Frameworks for differing companiesGroup Public Interest Score 1 point for each of the following:
Statements ©
©
Every R1m turnover
Every EE(ave)
© Every Security holder
© Every R1m 3rd party obligation
Chapter 1
Profit Co Abb Framework
State owned SOC Minister may exempt from
IFRS
Pvt Vol 1 (Pty) Ltd PIS> 350/ R5m Fid cap = I/
I/S
PSI 100-350 = I or I/S
PSI < 100 (ind fin stats) = I
or I/S
PSI <100 internal fs = I/S
PLC Inc Non-pub ent
Unlisted pub Either
Ltd
Listed IFRS
I = IFRS
I/S = IFRS for SMEs
Concept of
Control
Group: Consists of parent and subsidiaries
IFRS Subsidiary: An entity controlled by another
Control: Investor exposed, or has rights, to variable returns from involvement with the
investee and can affect these returns via power over investee
Elements of
Control
Power over investee
Exposure, or right to variable returns
Influence said returns using power
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