BCZ18 The Board believed that the information needs of users of financial statements of entities whose debt or equity instruments are traded in a public market were best served when investments in subsidiaries, jointly controlled entities and associates were accounted for in accordance with IAS 27, IAS 28 and IAS 31 Interests in Joint Ventures. [IAS 31 was superseded by IFRS 11 Joint Arrangements issued in May 2011.] It therefore decided that the exemption from preparing consolidated financial statements should not be available to such entities or to entities in the process of issuing instruments in a public market.