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Subsidiaries can be excluded from consolidation where there are severe long-term restrictions in an entity’s ability to exercise control.

The investment may be recognised at: To use a fair value model, a reliable method for measuring fair value must be available.In consolidated financial statements, accounting for an associate continues to be the equity method and is therefore unchanged.FRS 102 does clarify that where an entity’s share of losses in an associate exceed their investment, the deficit does not need to be recognised on the consolidated balance sheet unless there is a constructive obligation to meet the liabilities.The joint arrangements project was proposed as a memorandum-of-understanding (Mo U) project between the Financial Accounting Standards Board (FASB) and the IASB, the goal of which was to make existing accounting standards fully compatible as soon as is practicable.However, in issuing IFRS 11, the IASB concluded that convergence with U. GAAP would not result in the improvements to financial reporting that it desired. GAAP requirements are “very dependent on the legal form …

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As in FRS 9, certain additional disclosures of the financial information of associates are required in the individual financial statements.

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