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In the business environment, this type of arrangement does not exist, and regulatory guidelines require that affiliated companies consolidate their assets and financial statements.

[IFRS 10:1] The Standard: [IFRS 10:1] An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee * Added by Investment Entities amendments, effective 1 January 2014.Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013.Please read our cookie notice for more information on the cookies we use and how to delete or block them.The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected.Back in 2001, we witnessed the Enron accounting scandal, which led to one of America’s largest corporate bankruptcies and the demise of the prestigious accounting firm Arthur Andersen.A key ingredient in Enron’s accounting plot involved the use of special purpose entities (SPEs).This site uses cookies to provide you with a more responsive and personalised service.By using this site you agree to our use of cookies.For instance, with the advent of FIN 46, many in public and private accounting practice interpreted the new literature as precluding the use of combined financial statement presentation.In fact, financial statements that were once presented on a combined basis, were often switched to consolidated presentation.


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