Superseded by IFRS 17: Insurance Contracts, para. C34, May 2017, for annual periods beginning on or after 1 January 2023. Earlier application is permitted, see App. C.
BC131 IAS 27 Consolidated and Separate Financial Statements requires entities to use uniform accounting policies.[The consolidation requirements in IAS 27 were superseded by IFRS 10 Consolidated Financial Statements issued in May 2011, but the accounting policy requirements were not changed.] However, under current national requirements, some insurers consolidate subsidiaries without conforming the measurement of insurance liabilities using the subsidiaries’ own local GAAP to the accounting policies used by the rest of the group.
BC132 The use of non‑uniform accounting policies reduces the relevance and reliability of financial statements. However, prohibiting this would force some insurers to change their accounting policies for the insurance liabilities of some subsidiaries in phase I. This could have required sy
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