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and E.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 10 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS 10
AASB 10 Consolidated Financial Statements as amended incorporates IFRS 10 Consolidated Financial Statements as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 10) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 10 also comply with IFRS 10.
Not-for-profit entities' compliance with IFRS 10 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 10.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 10

The Australian Accounting Standards Board made Accounting Standard AASB 10 Consolidated Financial Statements under section 334 of the Corporations Act 2001 on 24 July 2015.

This compiled version of AASB 10 applies to annual periods beginning on or after 1 January 2025.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 7 November 2024 (see Compilation Details).

Accounting Standard AASB 10

Consolidated Financial Statements

Objective
1 The objective of this Standard is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
          AusCF1 AusCF paragraphs included in this Standard apply only to:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).
          Such entities are referred to as 'AusCF entities'. For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies. For-profit entities applying the Conceptual Framework for Financial Reporting (as set out in paragraph Aus1.1 of the Conceptual Framework) shall not apply AusCF paragraphs.

Meeting the objective
2 To meet the objective in paragraph 1, this Standard:
(a)