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AASB 12 - Disclosure of Interests in Other Entities - August 2011
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AASB 12 - Disclosure of Interests in Other Entities - August 2011
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Turn the raw legal text into a practical explanation grounded in AASB 12 - Disclosure of Interests in Other Entities - August 2011.
2 To meet the objective in paragraph 1, an entity shall disclose:
(a) the significant judgements and assumptions it has made in determining:
(i) the nature of its interest in another entity or arrangement;
(ii) the type of joint arrangement in which it has an interest (paragraphs 7–9);
(iii) that it meets the definition of an investment entity, if applicable (paragraph 9A); and
(b) information about its interests in:
(i) subsidiaries (paragraphs 10–19);
(ii) joint arrangements and associates (paragraphs 20–23); and
(iii) structured entities that are not controlled by the entity (unconsolidated structured entities) (paragraphs 24–31).
3 If the disclosures required by this Standard, together with disclosures required by other Standards, do not meet the objective in paragraph 1, an entity shall disclose whatever additional information is necessary to meet that objective.
4 An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the requirements in this Standard. It shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have different characteristics (see paragraphs B2–B6).