Removal of special purpose financial statements - consolidation requirements

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In this publication we consider the impact of the removal of special purpose financial statements for entities preparing consolidated financial statements for the first time.

When preparing consolidated financial statements, entities need to determine:

• Whether to apply AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors or AASB 1 First-time Adoption of Australian Accounting Standards to its transition; and
• How subsidiaries were acquired.