The Impact of IFRS on Industry. Lavi Mohan R.

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      ● that it controls another entity;

      ● that it has joint control of an arrangement or significant influence over another entity;

      ● the type of joint arrangement (i.e. joint operation or joint venture) when the arrangement has been structured through a separate vehicle.

      ● understand the composition of the group;

      ● understand the interest that non-controlling interests have in the group's activities and cash flows;

      ● evaluate the nature and extent of significant restrictions on its ability to access or use assets, and settle liabilities, of the group;

      ● evaluate the nature of, and changes in, the risks associated with its interests in consolidated structured entities,

      ● evaluate the consequences of changes in its ownership interest in a subsidiary that do not result in a loss of control; and

      ● evaluate the consequences of losing control of a subsidiary during the reporting period.

      ● the fact that the entity is an investment entity;

      ● information about significant judgements and assumptions it has made in determining that it is an investment entity, and specifically where the entity does not have one or more of the “typical characteristics” of an investment entity;

      ● details of subsidiaries that have not been consolidated (name, place of business, ownership interests held);

      ● details of the relationship and certain transactions between the investment entity and the subsidiary (e.g. restrictions on transfer of funds, commitments, support arrangements, contractual arrangements); and

      ● information where an entity becomes, or ceases to be, an investment entity.

      ● the nature, extent and financial effects of its interests in joint arrangements and associates, including the nature and effects of its contractual relationship with the other investors with joint control of, or significant influence over, joint arrangements and associates; and

      ● the nature of, and changes in, the risks associated with its interests in joint ventures and associates.

      ● understand the nature and extent of its interests in unconsolidated structured entities; and

      ● evaluate the nature of, and changes in, the risks associated with its interests in unconsolidated structured entities.

      a. For assets and liabilities that are measured at fair value on a recurring or non-recurring basis in the statement of financial position after initial recognition, the valuation techniques and inputs used to develop those measurements.

      b. For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss or other comprehensive income for the period.

      a. the level of detail necessary to satisfy the disclosure requirements;

      b. how much emphasis to place on each of the various requirements;

      c. how much aggregation or disaggregation to undertake; and

      d. whether users of financial statements need additional information to evaluate the quantitative information disclosed.

      a. For recurring and non-recurring fair value measurements, the fair value measurement at the end of the reporting period, and for non-recurring fair value measurements, the reasons for the measurement. Recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the statement of financial position at the end of each reporting period. Non-recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the statement of financial position in particular circumstances (e.g. when an entity measures an asset held for sale at fair value less costs to sell in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations because the asset's fair value less costs to sell is lower than its carrying amount).

      b. For recurring and non-recurring fair value measurements, the level of the fair value hierarchy within which the fair value measurements are categorised in their entirety (Level 1, 2 or 3).

      c. For assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis, the amounts of any transfers between Level 1 and Level 2 of the fair value hierarchy, the reasons for those transfers and the entity's policy for determining when transfers between levels are deemed to have occurred. Transfers into each level shall be disclosed and discussed separately from transfers out of each level.

      d. For recurring and non-recurring fair value measurements categorised within Level 2 and Level 3 of the fair value hierarchy, a description of the valuation technique(s) and the inputs used in the fair value measurement. If there has been a change in valuation technique (e.g. changing from a market approach to an income approach or the use of an additional valuation technique), the entity shall disclose that change and the reason(s) for making it. For fair value measurements categorised within Level 3 of the fair value hierarchy, an entity shall provide quantitative information about the significant unobservable inputs used in the fair value measurement. An entity is not required to create quantitative information to comply with this disclosure requirement if quantitative unobservable inputs are not developed by the entity when measuring fair value (e.g. when an entity uses prices from prior transactions or third-party pricing information without adjustment). However, when providing this disclosure an entity cannot ignore quantitative unobservable inputs that are significant to the fair value measurement and are reasonably available to the entity.