BC1 This Basis for Conclusions summarises the International Accounting Standards Board's considerations in reaching its conclusions on issuing IAS 27 Consolidated and Separate Financial Statements in 2003, and amending IAS 27 in 2008 and again in 2011. Individual Board members gave greater weight to some factors than to others. Unless otherwise noted, references below to IAS 27 are to previous versions of the Standard.
BC2 The amendment of IAS 27 in 2011 resulted from the Board's project on consolidation. A new IFRS, IFRS 10 Consolidated Financial Statements, addresses the principle of control and requirements relating to the preparation of consolidated financial statements. As a result, IAS 27 now contains requirements relating only to separate financial statements. This change is reflected in the Standard's amended title, Separate Financial Statements.
BC3 In approving the publication of IFRS 10 in 2011, the Board also approved consequential amendments to IAS 27 that removed from t
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