Can two entities control and consolidate the same SPV under IFRS 10 if both entities have the same parent.

Question

If two entities control the same SPV under IFRS 10 and both entities have the same parent. Can both entities control and consolidate the SPV. Can they both 100% consolidate the SPV or must they be consolidated on a percentage ownership basis.

Answer 1

IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements and SIC-12
Consolidation—Special Purpose Entities and is effective for annual periods beginning
on or after 1 January 2013.

IFRS 10 Consolidated Financial Statements establishes principles for the presentation
and preparation of consolidated financial statements when an entity controls
one or more other entities.

Therefore it is not possible that two parents establish the principle of "control" on the same entity.