Deciding whether a company is a parent depends on the existence of control.
IAS 27 (revised) defines control as ‘the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.’
Control is assumed to exist when the parent owns directly, or indirectly through
other subsidiaries, more than 50% of the voting power of the entity, unless in
exceptional circumstances it can be clearly demonstrated that such control does not
exist.
Control also exists when the entity (parent) owns 50% or less than 50% of the voting power of the entity but any of the following circumstances also applies:
The entity has power over more than 50% of the voting rights in the subsidiary
by virtue of an agreement with other investors.
The entity has power to govern the financial and operating policies of the
subsidiary entity under a statute or agreement.
The entity has power to appoint or remove a majority of the members of the
board of directors of the subsidiary, and the board of directors has control over
the entity.
The entity has power to cast a majority of votes at meetings of the board of
directors of the subsidiary, and the board of directors has control over the entity.
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