The International Accounting Standards Board (IASB) today published an exposure draft, ED10, Consolidated Financial Statements.

The exposure draft was published by the board as part of its consolidation project. It added the project to its agenda in June 2003.

The aim of the exposure draft is to propose an IFRS that improves financial reporting by clarifying the principles that determine when a reporting entity should consolidate another entity.

In particular, the Board aims to issue a single IFRS on consolidation to replace the consolidation requirements in IAS 27 Consolidated and Separate Financial Statements and SIC-12, Consolidation — Special Purpose Entities; to clarify the definition of control of an entity and address application issues; and to require enhanced disclosures about consolidated and unconsolidated entities.

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