Introduction to IFRS and Consolidated Financial Statements

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 27 in Fundamentals of the Insurance Business, 2024, pp 555-567 from Springer

Abstract: Abstract This chapter aims to illustrate the IAS/IFRS historical development and the requirements for consolidated financial statements. The historical development of this evolution is described in the paragraphs (i.e. the transformation from IAS to IFRS principles). The Regulations of the European Community no. 1606/2002 have been illustrated. These regulations lay down the new rules introducing IAS/IFSR in the insurance industry with effect from 2005. In accordance with IFRS 10, which defines the consolidation area, in the chapter, the area of consolidation is illustrated. IAS 1 provides the components for drafting up consolidated financial statements. They are consolidated balance sheet, consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows. Obligatory templates for drafting are consolidated Balance Sheet, consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows.

Keywords: Generally Accepted Accounting Principles (GAAP); International Accounting Standards (IAS); Accountants International Study Group (AISG); International Accounting Standards Committee (IASC); International Accounting Standard Board (IASB); International Financial Reporting Standards (IFRS); Parent Company; Unitary management; Area of consolidation; Notion of control; Consolidated Balance Sheet; Aggregate Profit and Loss account; Consolidated statement of comprehensive income; Consolidated statement of changes in equity; Consolidated statement of cash flows (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_27

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