CEDC » Topics » Combined financial statements

This excerpt taken from the CEDC 8-K filed Jul 13, 2009.

Combined financial statements

IFRS contains guidance in IAS 27 regarding the basis for presenting consolidated financial statements. Such consolidated financial statements are required to be presented by a parent company when there is a parent/subsidiary relationship.

IFRS does not currently provide for the preparation of combined financial statements in a situation where there is not a parent-subsidiary relationship. When aggregating financial information such as separate entities or groups of entities under common control without such a parent, as is the case with our basis of presentation, the combined Group fails to meet the definition of a group as set out in IAS 27. Combined financial statements, which present financial information for certain entities that comprise part of a group which meets the IAS 27 definition of a group, are not precluded from being described as in compliance with IFRS, provided that transactions between combined entities and other holding companies that are not being combined are not substantive. However, in the case of the Group, such substantive transactions exist during the periods presented. As a consequence, these consolidated and combined financial statements do not comply with IFRS.

For the reasons described above, management believe that the presentation of these consolidated and combined financial statements on the basis set out above is appropriate.

This excerpt taken from the CEDC 8-K filed Jul 10, 2009.

Combined financial statements

IFRS contains guidance in IAS 27 regarding the basis for presenting consolidated financial statements. Such consolidated financial statements are required to be presented by a parent company when there is a parent/subsidiary relationship.

IFRS does not currently provide for the preparation of combined financial statements in a situation where there is not a parent-subsidiary relationship. When aggregating financial information such as separate entities or groups of entities under common control without such a parent, as is the case with our basis of presentation, the combined Group fails to meet the definition of a group as set out in IAS 27. Combined financial statements, which present financial information for certain entities that comprise part of a group which meets the IAS 27 definition of a group, are not precluded from being described as in compliance with IFRS, provided that transactions between combined entities and other holding companies that are not being combined are not substantive. However, in the case of the Group, such substantive transactions exist during the periods presented. As a consequence, these consolidated and combined financial statements do not comply with IFRS.

For the reasons described above, management believe that the presentation of these consolidated and combined financial statements on the basis set out above is appropriate.

EXCERPTS ON THIS PAGE:

8-K
Jul 13, 2009
8-K
Jul 10, 2009
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