IFRS Masterclass: IFRS 10 Control (Cancelled)

The principle of control in IFRS remains one which is often misunderstood and can be challenging to apply, with significant implications for preparers.

This seminar examines the definition of control, focussing on practical challenges which can arise in making the assessment. The in-depth review includes frequently asked questions around the elements of control such potential voting rights and the principal vs agent assessment, the latter of particular importance to asset managers.

Learning objectives 

This masterclass aims to provide participants with a deeper understanding of the concept of control in IFRS. This is critical not only for determining when consolidated financial statements might be required and which entities will form part of the group, but also in identifying which additional disclosures might be required.

Presented in an interactive environment with an expert speaker, preparer and auditor participants will have the opportunity to increase their knowledge of the components of control and discuss common practical challenges in the control assessment.

Course Content 

• Definition of control
• Power – Identifying relevant activities and rights to direct those activities, including the assessment of potential voting rights
• Exposure to variable returns – Common financial and non-financial returns, and which returns absorb rather than contribute exposure
• Link between power and returns – How the link can be illustrated, and the assessment as to whether parties are acting as principal or agent, with particular consideration to asset managers
• Silos – Assessing whether a silo exists, including events which breach the silo, and an overview of accounting for the silo
• Structured entities – Identifying structured entities, how to assess the consolidation criteria and what requirements apply for unconsolidated structured entities.

Who should attend

• Accountants/auditors
• Non-financial executives and directors with an active role in preparing, analyzing and presenting financial statements.