Document ID: chunk:federal_register_of_legislation:F2022C00538:body:0:p3
Version: federal_register_of_legislation:F2022C00538
Segment Type: other
Provision Reference: 
Character Range: 5890–8705

Financial Instruments, or using the equity method as described in AASB 128 Investments in Associates and Joint Ventures.
5 The following terms are defined in Appendix A of AASB 10 Consolidated Financial Statements, Appendix A of AASB 11 Joint Arrangements and paragraph 3 of AASB 128:
• associate
• control of an investee
• equity method
• group
• investment entity
• joint control
• joint venture
• joint venturer
• parent
• significant influence
• subsidiary.
6 Separate financial statements are those presented in addition to consolidated financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in associates or joint ventures in which the investments in associates or joint ventures are required by AASB 128 to be accounted for using the equity method, other than in the circumstances set out in paragraphs 8–8A.
7 The financial statements of an entity that does not have a subsidiary, associate or joint venturer's interest in a joint venture are not separate financial statements.
8 An entity that is exempted in accordance with paragraphs 4(a), Aus4.1 and Aus4.2 of AASB 10 from consolidation or paragraphs 17, Aus17.1 and Aus17.2 of AASB 128 from applying the equity method may present separate financial statements as its only financial statements.
8A An investment entity that is required, throughout the current period and all comparative periods presented, to apply the exception to consolidation for all of its subsidiaries in accordance with paragraph 31 of AASB 10 presents separate financial statements as its only financial statements.

Preparation of separate financial statements
9 Separate financial statements shall be prepared in accordance with all applicable Standards, except as provided in paragraph 10.
10 When an entity prepares separate financial statements, it shall account for investments in subsidiaries, joint ventures and associates either:
(a) at cost;
(b) in accordance with AASB 9; or
(c) using the equity method as described in AASB 128.
The entity shall apply the same accounting for each category of investments. Investments accounted for at cost or using the equity method shall be accounted for in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations when they are classified as held for sale or for distribution (or included in a disposal group that is classified as held for sale or for distribution). The measurement of investments accounted for in accordance with AASB 9 is not changed in such circumstances.
11 If an entity elects, in accordance with paragraph 18 of AASB 128, to measure its investments in associates or joint ventures at fair value through profit or loss in accordance with AASB 9, it shall also account for those investments in