AASB 2011-7 - Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards - August 2011
Amendments to Interpretation 17Amendments to Interpretation 17
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Amendments to Interpretation 17
63 Paragraph 7 is amended as follows (new text is underlined and deleted text is struck through):
7 In accordance with paragraph 5, this Interpretation does not apply when an entity distributes some of its ownership interests in a subsidiary but retains control of the subsidiary. The entity making a distribution that results in the entity recognising a non-controlling interest in its subsidiary accounts for the distribution in accordance with AASB 127 (as amended in 2008) AASB 10.
64 The heading ‘Effective Date of IFRIC 17’ before paragraph 18 is amended to ‘Effective Date’.
65 Paragraph 19 is added as follows:
19 AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraph 7. An entity shall apply that amendment when it applies AASB 10.
66 In the Illustrative Examples accompanying Interpretation 17, paragraph IE4 is amended as follows (new text is underlined and deleted text is struck through):
IE4 However, if Company A distributes to its shareholders shares of Subsidiary B representing only a non-controlling interest in Subsidiary B and retains control of Subsidiary B, the transaction is not within the scope of the Interpretation. Company A accounts for the distribution in accordance with AASB 127 AASB 10 Consolidated and Separate Financial Statements (as amended in 2008). Company A controls Company B both before and after the transaction.