BC8IFRS 10 replaces the requirements and guidance in IAS 27 relating to consolidated financial statements. It also replaces SIC‑12. As part of its consolidation project, the Board is examining how an investment entity accounts for its interests in subsidiaries, joint ventures and associates and what, if any, additional disclosures might be made about those interests. The Board expects to publish an exposure draft on investment entities later in 2011. [Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, introduced an exception to the principle that all subsidiaries shall be consolidated. The amendments define an investment entity and require a parent that is an investment entity to measure its investments in particular subsidiaries at fair value through profit or loss instead of consolidating those subsidiaries. These amendments are discussed in paragraphs BC215–BC317.]

BC9 In developing IFRS 10, the Board did not reconsider all the requirements that are included in the IFRS. The scope in paragraph 4 and the accounting requirements for  consolidated financial statements in paragraphs 19-25 and B86-B99 were carried forward from IAS 27 or SIC‑12 to IFRS 10 without being reconsidered by the Board because their reconsideration was not part of the Board's consolidation project.