The QCA Financial Reporting Committee examined the International Accounting Standards Board's (IASB) exposure draft on the Conceptual Framework. The QCA noted that we are generally supportive of the proposals included in the exposure draft. However, if an entity that controls other entities is itself controlled by another entity, it should not generally be expected to prepare consolidated financial statements, as such sub-consolidations do not normally provide economic information that is of significant value for decision-making.
QCA Response to the IASB's Exposure Draft on Conceptual Framework
The QCA Financial Reporting Committee examined the International Accounting Standards Board's (IASB) exposure draft on the Conceptual Framework.
