ImportantIntermediate · Advanced
Summarised information, entity by entity
Learning objectives
- Determine the content of the summarised financial information for a material joint venture or associate and the fact that it is provided individually.L2, L3
- Justify why aggregating several material joint ventures is not permitted.L3
Normative references
- IFRS 12 §B12For each material joint venture and associate, the entity discloses dividends received and summarised financial information: current and non-current assets and liabilities, revenue, profit or loss from continuing operations, post-tax profit or loss from discontinued operations, other comprehensive income and total comprehensive income.
- IFRS 12 §B13For each material joint venture, the entity also discloses the following amounts: cash and cash equivalents, current and non-current financial liabilities (excluding trade and other payables and provisions), depreciation and amortisation, interest income, interest expense, and income tax expense or income.
Original summaries of the paragraphs (reference register), never a quotation of the standard.
2 questions
- A colleague writes: "The summarised information of our two material associates can be grouped in a single table, because local regulation makes it difficult to publish one of them separately." What is the error in this reasoning?L2
- Summarised financial information about material joint ventures and associates is provided individually for each of them, without aggregation.L3
Practical cases
- Subsidiary with material non-controlling interests: disclosures per subsidiary, basis of the summarised information, restrictions, materiality and information on associatesL2
- Material associate and joint venture: individual summarised information, reconciliation to the carrying amount, unrecognised share of losses, commitments and interaction with IFRS 11 and IAS 28L3
- Group file: disclosures on judgments, subsidiaries, joint arrangements and associates, and unconsolidated structured entities (IFRS 12)L4