http://www.legislation.gov.uk/id/eur/2009/494/contents/adopted

INTERNATIONAL ACCOUNTING STANDARD 27Consolidated and Separate Financial Statements SCOPE 1This Standard shall be applied in the preparation and presentation...2This Standard does not deal with methods of accounting for...3This Standard shall also be applied in accounting for investments...DEFINITIONS 4The following terms are used in this Standard with the...5A parent or its subsidiary may be an investor in...6For an entity described in paragraph 5, separate financial statements...7The financial statements of an entity that does not have...8A parent that is exempted in accordance with paragraph 10...PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 9A parent, other than a parent described in paragraph 10,...10A parent need not present consolidated financial statements if and...11A parent that elects in accordance with paragraph 10 not...SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS 12Consolidated financial statements shall include all subsidiaries of the parent...13Control is presumed to exist when the parent owns, directly...14An entity may own share warrants, share call options, debt...15In assessing whether potential voting rights contribute to control, the...16A subsidiary is not excluded from consolidation simply because the...17A subsidiary is not excluded from consolidation because its business...CONSOLIDATION PROCEDURES 18In preparing consolidated financial statements, an entity combines the financial...19When potential voting rights exist, the proportions of profit or...20Intragroup balances, transactions, income and expenses shall be eliminated in...21Intragroup balances and transactions, including income, expenses and dividends, are...22The financial statements of the parent and its subsidiaries used...23When, in accordance with paragraph 22, the financial statements of...24Consolidated financial statements shall be prepared using uniform accounting policies...25If a member of the group uses accounting policies other...26The income and expenses of a subsidiary are included in...27Non-controlling interests shall be presented in the consolidated statement of...28Profit or loss and each component of other comprehensive income...29If a subsidiary has outstanding cumulative preference shares that are...30Changes in a parent’s ownership interest in a subsidiary that...31In such circumstances the carrying amounts of the controlling and...LOSS OF CONTROL 32A parent can lose control of a subsidiary with or...33A parent might lose control of a subsidiary in two...34If a parent loses control of a subsidiary, it: 35If a parent loses control of a subsidiary, the parent...36On the loss of control of a subsidiary, any investment...37The fair value of any investment retained in the former...ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES...38When an entity prepares separate financial statements, it shall account...38AAn entity shall recognise a dividend from a subsidiary, jointly...38BWhen a parent reorganises the structure of its group by...38CSimilarly, an entity that is not a parent might establish...39This Standard does not mandate which entities produce separate financial...40Investments in jointly controlled entities and associates that are accounted...DISCLOSURE 41The following disclosures shall be made in consolidated financial statements:...42When separate financial statements are prepared for a parent that,...43When a parent (other than a parent covered by paragraph...EFFECTIVE DATE AND TRANSITION 44An entity shall apply this Standard for annual periods beginning...45An entity shall apply the amendments to IAS 27 made...45AParagraph 38 was amended by Improvements to IFRSs issued in...45BCost of an Investment in a Subsidiary, Jointly Controlled Entity...45CCost of an Investment in a Subsidiary, Jointly Controlled Entity...WITHDRAWAL OF IAS 27 (2003) 46This Standard supersedes IAS 27 Consolidated and Separate Financial Statements...

Appendix Amendments to other IFRSs

A1In the following International Financial Reporting Standards applicable at 1...IFRS 1First-time Adoption of International Financial Reporting Standards A2IFRS 1 is amended as described below. IFRS 5Non-current Assets Held for Sale and Discontinued Operations A3IFRS 5 is amended as described below. IAS 1Presentation of Financial Statements A4Paragraph 106 of IAS 1 (as revised in 2007) is...IAS 7Statement of Cash Flows A5IAS 7 is amended as described below. IAS 21The Effects of Changes in Foreign Exchange Rates A6IAS 21 is amended as described below. IAS 28Investments in Associates A7IAS 28 is amended as described below. IAS 31Interests in Joint Ventures A8IAS 31 is amended as described below. IAS 39Financial Instruments: Recognition and Measurement A9IAS 39 is amended as described below. SIC-7Introduction of the Euro A10SIC-7 is amended as described below.

Commission Regulation (EC) No 494/2009

of 3 June 2009

amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard (IAS) 27

(Text with EEA relevance)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community,

Having regard to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards1, and in particular Article 3(1) thereof,

Whereas:

(1)

By Commission Regulation (EC) No 1126/20082 certain international standards and interpretations that were in existence at 15 October 2008 were adopted.

(2)

On 10 January 2008, the International Accounting Standards Board (IASB) published amendments to International Accounting Standard 27 Consolidated and Separate Financial Statements, hereinafter ‘amendments to IAS 27’. The amendments to IAS 27 specify under which circumstances an entity has to prepare consolidated financial statements, how parent entities have to account for changes in their ownership interest in subsidiaries and how the losses of a subsidiary have to be allocated between the controlling and non-controlling interest.

(3)

The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the amendments to IAS 27 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. In accordance with Commission Decision 2006/505/EC of 14 July 2006 setting up a Standards Advice Review Group to advise the Commission on the objectivity and neutrality of the European Financial Reporting Advisory Group's (EFRAG’s) opinions3, the Standards Advice Review Group considered EFRAG's opinion on endorsement and advised the Commission that it is well-balanced and objective.

(4)

The adoption of the amendments to IAS 27 implies, by way of consequence, amendments to International Financial Reporting Standard (IFRS) 1, IFRS 4, IFRS 5, IAS 1, IAS 7, IAS 14, IAS 21, IAS 28, IAS 31, IAS 32, IAS 33, IAS 39 and Interpretation 7 of the Standing Interpretations Committee (SIC) in order to ensure consistency between international accounting standards.

(5)

Regulation (EC) No 1126/2008 should therefore be amended accordingly.

(6)

The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,

HAS ADOPTED THIS REGULATION: