ARTICLE · 06 JUNE 2013

New Consolidation Model For Fund Managers

KPMG, South Africa

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In May 2011, the International Accounting Standards Board issued "IFRS 10 Consolidated Financial Statements" which provides guidance on when investments should be consolidated.

South AfricaAccounting and Audit

In May 2011, the International Accounting Standards Board (IASB) issued IFRS 10 Consolidated Financial Statements which provides guidance on when investments should be consolidated.

Key points:

The consolidation principles of International Financial Reporting Standards (IFRSs) have long been a matter of discontent amongst fund managers. This new standard has resulted in various accounting issues, particularly for fund managers.

IFRS 10 must be applied for annual periods beginning on or after 1 January 2013. Early adoption is allowed.

IFRS 10 requires that for a fund manager to consolidate a fund the following criteria must be met:

The manager has power over the relevant activities of the fund.

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