Hong Kong Accounting Standard

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HKAS 27 (December 2004March 2008)

Hong Kong Accounting Standard 27 Consolidated and Separate Financial Statements*

* This HKAS 27 is applicable for annual periods beginning on or after 1 January 2005 but before 1 July 2009. HKAS 27 (Revised) issued in March 2008 is applicable for annual periods beginning on or after 1 July 2009 and supersedes this HKAS 27.

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HKAS 27

COPYRIGHT © Copyright 2008 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Operation and Finance, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong. All rights in this material outside of Hong Kong are reserved by International Accounting Standards Committee Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the International Accounting Standards Committee Foundation at www.iasb.org.

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HKAS 27 (March December 20042007)

Contents Hong Kong Accounting Standard 27 Consolidated and Separate Financial Statements paragraphs SCOPE DEFINITIONS PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS Specific provisions for Hong Kong incorporated companies CONSOLIDATION PROCEDURES ACCOUNTING FOR INVESTMENTS IN SEPARATE FINANCIAL STATEMENTS DISCLOSURE Specific disclosure of Hong Kong incorporated companies EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS APPENDIX: Comparison with International Accounting Standards Amendments to Other Pronouncements Amendments resulting from other HKFRSs BASIS FOR CONCLUSIONS Amendments resulting from other Basis for Conclusions DISSENTING OPINION IMPLEMENTATION GUIDANCE ON HKASs 27, 28 AND 31 TABLE OF CONCORDANCE 1-3C 4-8 9-11 12-21 21A-21B 22-36 37-39 40-42 42A 43-43A 44-45

Hong Kong Accounting Standard 27 Consolidated and Separate Financial Statements (HKAS 27) is set out in paragraphs 1-45 and the Appendix. All the paragraphs have equal authority. HKAS 27 should be read in the context of the Basis for Conclusions, the Preface to Hong Kong Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.

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HKAS 27 (October 2005December 2007)

Hong Kong Accounting Standard 27 Consolidated and Separate Financial Statements Scope 1. This Standard shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent. This Standard does not deal with methods of accounting for business combinations and their effects on consolidation, including goodwill arising on a business combination (see HKFRS 3 Business Combinations). This Standard shall also be applied in accounting for investments in subsidiaries, jointly controlled entities and associates when an entity elects, or is required by local regulations, to present separate financial statements. This Standard defines a subsidiary as "an entity that is controlled by another entity". For this purpose, control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities....
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