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Consolidated financial statements present aggregated information for a group formed by the parent company and its subsidiaries. The existence of control is the most important condition to determine the relationship between companies within the group. This article focuses on the adoption of a novelised control concept introduced by IFRS 10. Companies quoted on Prague and Warsaw stock exchanges were chosen to illustrate the impact of IFRS 10. The article provides an analysis of consolidated financial statements in a year of the adoption of IFRS 10 and a year immediately preceding. Summarized findings reveal whether IFRS 10 had a material impact on consolidated financial statements.

Consolidated fi nancial statements present aggregated information for parent company and its subsidiaries. For non-wholly owned subsidiaries, International Financial Reporting Standards require non-controlling interest to be presented within consolidated equity to distinguish it from the amount of equity attributable to the shareholders of the parent. Since 2014, new standards on consolidation introduced broadened disclosure requirements for subsidiaries with material noncontrolling interest. Defi nition of material non-controlling interest however is not included in the standards. The article provides the analysis of the fi nancial statements published by companies listed on Prague Stock Exchange. Main focus is given to assessment criteria applied to identify material non-controlling interest. Consequently, study of compliance with the disclosure requirements for selected companies has been undertaken. The results of the analysis indicate whether value relevance of fi nancial statements has been improved as a result of the new disclosures.

No abstract