Special Meeting on IASB ED10

20 March 2009

IASB ED 10: Consolidation – Special Meeting with GLCs

The MASB together with its Working Group 63 held a special meeting with government-linked companies to discuss IASB ED 10 Consolidated Financial Statements.

The meeting was to present the proposals suggested in the IASB ED to specific group of stakeholders so to keep them informed and to obtain their comments.

The ED’s primary objective is to develop a cohesive control base that encompasses structured financing and investment vehicles to replace existing requirements in IAS 27 and SIC-12.

To this end, the ED proposed a single definition of control with improved definition and related application guidance so that a single control model could be applied to all entities to address issues of inconsistencies and conflicts between the current IAS 27 and SIC-12.

The meeting was chaired by former MASB member En Nik Mohd Hasyudeen and presented by WG 63 project manager, AP Tan Liong Tong who was an Associate Professor with the Graduate School of Management, Universiti Putra Malaysia.