7 An entity may elect to apply this Standard in its consolidated, separate or individual financial statements if, and only if, at the end of the reporting period:

(a) it is a subsidiary;

(b) it does not have public accountability (see paragraphs 11-12); and

(c) it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

8 A 'subsidiary and a 'group' are defined in Appendix A of IFRS 10 Consolidated Financial Statements.

9 An intermediate parent assesses its eligibility to apply this Standard in its separate financial statements, regardless of whether other group entities, or the group as a whole, have public accountability.

10 An intermediate parent that does not have public accountability and meets the other eligibility conditions in paragraph 7 may apply this Standard in its separate financial statements even if it does not apply this Standard in its consolidated financial statements.

11 An entity has public accountability if: