Practical Guide To Ifrs: Consolidated Financial Statements: Redefining Control

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国际财务报告准则
实务指南
合并财务报表：控制的重新定义
Practical guide
to IFRS
Consolidated financial statements:
redefining control
2012年2月
February 2012
中英文对照
English with Chinese
Translation
Contents
Page
Preface 4
At a glance 6
Scope 6
Control 8
Framework for assessment of control 8
Purpose and design of the investee 10
Power 10
Relevant activities 12
Power over relevant activities 16
Substantive or protective rights 18
Voting and potential voting rights 24
Structured entities 40
Variable returns 4 6
Link between power and returns – principal vs. agent 4 6
Other issues 5 8
De facto agent 58
Silos 58
Frequency of reassessment 58
Accounting requirements 6 0
Disclosures 6 0
General objective of IFRS 12 60
Scope of disclosures 60
Aggregation of disclosures 62
Significant judgements and assumptions 64
Transition 6 4
Potential business impacts 6 6
Industry insights 6 6
Where to go for more information 6 6
Appendix A: Disclosure checklist 6 9
2 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

目录
页码
前言 5
概览 7
范围 7
控制 9
评估控制的框架 9
被投资方的目的和设计 11
权力 11
相关活动 13
对相关活动的权力 17
实质性或保护性权利 19
表决权和潜在表决权 25
结构性主体 41
可变动报酬 47
控制与报酬之间的联系—委托人vs.代理人 47
其它问题 59
实际代理人 59
主体中的独立主体（silo） 59
重新评估的频率 59
会计要求 61
披露 61
IFRS 12的一般目标 61
披露范围 61
披露信息的汇总 63
重大判断和假设 65
过渡 65
潜在经营影响 67
行业透析 67
更多信息 67
附录A：披露检查表 69
普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 3

Preface
Elza Yuen
阮慧瑤
Director
总监
Accounting Consulting Services
会计咨询服务
PwC
普华永道
The International Accounting Standards Board This publication is a practical guide to IFRS 10.
(IASB) issued IFRS 10 ‘Consolidated financial It explains the most important principles and
statements’ in May 2011, setting new guidance complex requirements of this new IFRS,
on control and consolidation. accompanied with practical examples and
observations based on the experience of the
IFRS 10 is a major output of the consolidations PwC’s global network of firms.
project, which has been on the IASB’s agenda
since June 2003. The consolidations project Because of the importance of IFRS for many
was developed partly to address perceived companies in China and the continued
inconsistencies between IAS 27 and SIC 12, convergence of China Accounting Standards
and also to enhance convergence with US with IFRS, we have translated this publication
GAAP. The project was accelerated in 2008 as into Chinese. We hope this publication
a result of the global financial crisis. IFRS 10 provides practical insights and can help
revises the definition of control and provides Chinese practitioners bridge the gap between
detailed application guidance so that a single accounting principles and their applications.
definition of control applies to all entities.
The key principle in the new standard is that

control exists, and consolidation is required,
only if the investor possesses power over the
investee, has exposure to variable returns from
its involvement with the investee and has the
ability to use its power over the investee to
affect its returns. The new standard also sets
out consolidation principles and guidance for
measuring non-controlling interests, potential
voting rights and accounting for loss of control.

前言
国际会计准则理事会（I A SB）于2011年5月发本出版物为I F R S 10的实务指南。对此项新准

布了《国际财务报告准则第10号—合并财务则中最重要的原则和最复杂的要求进行了解
报表》（IFR S 10），为控制和合并确立了新的释，同时附有以普华永道全球成员机构网络的
指南。经验为基础的实例和评论。
IFRS 10是I ASB从2003年6月起启动的“合并鉴于中国会计准则与 I F R S 的持续趋同, 以及

项目工程”的一项主要成果。合并项目工程的 IFRS对中国公司的重要性，我们将这份资料翻
目的一方面是解决《国际会计准则第2 7号》译成中文与您分享。我们希望本实务指南能提
（I A S 27）与《国际会计准则解释公告第1 2 供实用的见解，并为中国会计从业者们在会计
号》（SIC 12）之间的不一致性，另一方面是加原则和具体应用之间架起一道桥梁。
强与《美国公认会计原则》（US GA A P）的趋
同。由于全球金融危机，该项目于2008年被加
速推动。I F R S 10 修改了控制的定义并提供了
详细应用指南，使单一控制模式可适用于所有
主体。
新准则的关键原则是只有当投资方拥有对被投
资方的权力，已暴露于所参与被投资方的可变
动报酬，且有能力透过其对被投资方的权力影
响这些报酬时，才存在控制并要求合并。新准则
还规定了对非控制股权的计量、潜在表决权以
及对失去控制的会计处理的合并原则和指南。

At a glance Scope
1. The IASB released IFRS 10, ‘Consolidated 4. IFRS 10 applies to all parent entities that
financial statements’, on 12 May 2011, need to present consolidated financial
introducing new guidance on control and statements, except for post-employment
consolidation. benefit plans or other long-term
employee benefit plans to which IAS 19
The new approach combines the concepts
applies (IFRS 10.4b).
of power and exposure to variable
returns to determine whether control 5. Parent entities are exempted from having
exists. Control exists under IFRS 10 to consolidate if:
when the investor has power, exposure to (a) the parent is a wholly or partially-
variable returns and the ability to use owned subsidiary in which all
that power to affect its returns from the owners do not object to non-
investee. consolidation;
2. IFRS 10 contains guidance on the (b) the parent’s debt or equity securities
following issues when determining who are not publicly traded;
has control: (c) the parent did not file, and is not
filing, its financial statements to issue
–– Assessment of the purpose and publicly-traded instruments; and
design of an investee;
(d) the ultimate or any intermediate
–– Nature of rights – substantive or parent of the parent entity produces
protective in nature; IFRS consolidated financial
–– Assessment of existing and potential statements that are available for
voting rights; public use.
–– Whether an investor is a principal or (IFRS 10.4a)
agent when exercising its controlling
power; PwC observation: The exemptions
–– Relationships between investors and from consolidation and the ‘how-to’ of
how they affect control; and consolidation have not changed from
–– Existence of power over specified IAS 27.
assets only.
3. The new standard is available for early
adoption, with mandatory application
required from 1 January 2013.
Management will need to evaluate the
impact of the new standard in their
assessment of the entities that they are
required to consolidate.
Changes to the composition of the group
could arise and impact key investor
metrics (including debt covenants) such
as gearing, liquidity and profitability
ratios.

概览范围
1. 国际会计准则理事会（IASB）于2011年5 4. I FRS 10适用于需要列示合并财务报表的
月12日发布了《国际财务报告准则第10 所有母公司，但适用《国际会计准则第19
号—合并财务报表》（IFRS 10），其中号》（IAS 19）的离职后福利计划或其它长
引入了控制和合并的新指南。期员工福利计划除外。【IFRS 10第4B段】
新方法结合了权力和面临可变动报酬的 5. 若符合下列所有情况，则母公司不必进行
风险这二个概念来确定是否存在控合并：
制。IFRS 10规定，当投资方拥有权力，并
面临可变动报酬的风险，且有能力使用该 (a) 母公司为全资子公司或非全资子公
权力影响该等报酬时，则存在控制。司，且全部所有者不反对不编制合并
报表；
2. IFRS 10提供针对以下问题的指南以确定
谁具有控制权： (b) 母公司的债务或权益证劵未公开
交易；
. 评估被投资方的设立目的和设计；
(c) 母公司之前没有，现在也没有提交财
. 权利的性质—区别实质性权利或务报表以发行公开交易性工具；以及
保护性权利；
(d) 母公司的最终或任何中间母公司提交
. 现有和潜在表决权的评估；了供公众使用的《国际财务报告准
. 投资方行使控制力时是否为委托人则》（IFRS）的合并财务报表。
或代理人；【IFRS 10第4a段】
. 投资方之间的关系以及他们如何影
响控制；以及普华永道的评论：合并的免除以及合并
. 是否仅对特定资产存在权力。的“编制程序”与《国际会计准则第27
3. 该新准则自2013年1月1日起生效，并允许号》（IAS 27）中的规定相同。
提前采用。
管理层需要评估该新准则对其必需合并
的主体的影响。
集团组成部分的改变可能导致并影响关
键投资方的计量指标（包括债务契约），
比如负债资本比率、流动性比率和盈利能
力比率等。

Control
Control
Ability to use power to

Power Variable returns
affect returns
Illustration 1: The elements of control
6. Control exists when an investor has all

PwC observation: Previously, control
three of the following elements:
through voting rights was addressed
(a) power over the investee; by IAS 27, while exposure to variable
(b) exposure or rights to variable returns was an important consideration
returns from its involvement with within the SIC 12 framework. However,
the investee; and the relationship between these two
(c) the ability to use its power over approaches to control was not always
the investee to affect the amount of clear. IFRS 10 links power and returns by
the investor’s returns. introducing an additional requirement
(IFRS 10.7) that the investor is capable of wielding
that power to influence its returns.
Framework for assessment of control
Assess purpose and design (para 8-9)
Assess power (illustration 3)
What activities significantly affect the investee’s returns (‘relevant activities’)?
How are decisions about relevant activities made?

Do investor’s rights provide ability to direct relevant activities?
Assess exposure to variable returns (para 42-44)
Assess ability to use power to influence variable returns
Principal/agent assessment (illustration 20)
De facto agent assessment (para 49-51)
Illustration 2: Framework for assessment of control

7. Reassessment of control is required if facts and circumstances indicate that any of the
elements have changed (IFRS 10.8).

控制
控制
权力使用权力影响报酬的能力可变动报酬
图例1：控制的要素
6. 当投资方具备以下三个条件时，才能确定
普华永道的评论：之前，IAS 27阐述了通过
其控制了被投资方：
表决权的控制，而面临可变动报酬的风险
(a) 对被投资方的权力；是《国际会计准则委员会解释公告第12号》
（SIC 12）架构范围内的一个重要考虑因
(b) 对所参与被投资方的可变动报酬的素。但这两种控制方法之间的关系未必清
暴露或权利；以及楚。IFRS 10通过引入了投资方能够行使权
(c) 使用其对被投资方的权力以影响投资力从而影响其报酬的额外要求，连结了权
方的报酬金额的能力。力和报酬之间的关联。
【IFRS 10第7段】
评估控制的框架
评估设立目的和设计（第8-9段）
评估是否具有权力（图例3）
什么活动重大影响了被投资方的报酬（“相关活动”）？
如何制定相关活动的决策？
投资方的权力是否有能力主导相关活动？
评估是否面临可变动报酬的风险（第42-44段）
评估是否具备使用权力以影响可变动报酬的能力
委托人/代理人的评估（图例20）
实际代理人的评估（第49-51段）
图例2：评估控制的架构
7. 如果事实和情况显示上述任何条件发生改变，则必需重新评估是否存在控制【IFRS 10第
8段】。

Purpose and design of (b) downside risks and upside potential
that investee was designed to pass on
the investee to other parties in the transaction;
and
8. The purpose and design of an investee
(c) whether the investor is exposed to
could impact the assessment of what the
those risks and upside potential.
relevant activities are, how those
activities are decided, who can direct Power
those activities, and who can receive
Control
returns from those activities
(IFRS 10.B5). The consideration of Power
affect returns
Variable returns
purpose and design may make it clear

that the entity is controlled by voting or
potential voting rights (IFRS 10.B6).
10. An investor has power over an
9. Voting rights in some cases may not investee when the investor has existing
significantly impact an investee’s return. substantive rights that give
The investee may be on ‘auto-pilot’ it the current ability to direct the
through contractual arrangements. In relevant activities (IFRS 10.10,
those cases, the following should be IFRS 10.B9). Relevant activities are
considered in assessing the purpose and the activities that significantly affect the
design of an entity (IFRS 10.B8): investee’s returns.
(a) downside risks and upside potential
The diagram below summarises the
that the investee was designed to
create; considerations involved in the assessment of
power.
Assess purpose and design Determine relevant activities

of entity (para 8-9) (paras 12-13, illustration 4b)
Determine how relevant activities are directed (paras 14-15)
Determine whether investor’s rights provide ability

Does entity have
to direct relevant activities power over
Does entity own >50% of substantive* structured entity
Directed by Directed by (illustration 18)?
voting rights (illustration 9)?
voting rights contracts
No No Yes
Is there de facto control No power
(illustration 10)?
No Power
Do substantive* potential voting rights
Yes give controlling power (illustration 14)?
No
Do other contractual agreements, or some Unclear Consider factors in
combination of contracts, voting rights, IFRS 10.B18-B20
and potential voting rights provide (illustration 6).
controlling power (para. 27)?
No
No power
Power
Illustration 3: Conceptual flowchart for assessment of power

* Whether rights are substantive or protective is dealt with in illustration 7.
11. IFRS 10 provides the following additional (b) When two or more investors must act
guidance in relation to the determination together to direct activities that affect
of control: returns, neither investor has control
(a) Where equity instruments clearly (IFRS 10.9).
determine voting rights and powers
to control, the majority shareholder
has control in the absence of other
factors (IFRS 10.B35); and

被投资方的目的和设计权力
8. 被投资方的设立目的和设计可能对评估控制
什么是相关活动、如何决策这些活动、谁权力使用权力影响报酬的能力可变动报酬
能主导这些活动以及谁可以收取这些活
动的报酬产生影响。【IFRS 10第B5段】。
考虑设立目的和设计可以弄清楚主体是
否被表决权或潜在表决权所控制【I FR S
10. 当投资方拥有现存实质性权利从而有能力
10第B6段】。
主导相关活动时，则投资方对被投资方具
9. 某些情况下，表决权可能不会重大影响有权力【IFRS 10第10段、第B9段】。相关
被投资方的报酬。被投资方可能通过合活动是指重大影响被投资方报酬的那些
约安排“自动引导”。这种情况下，在评活动。
估主体的设立目的和设计时应考虑以下
以下图表概括了权力评估中需要考虑的因素：
事项【IFRS 10第B8段】：
(a) 被投资方被设计所造成的下行风险
和上行潜能；
(b) 被投资方被设计在交易中转嫁给另一
方的下行风险和上行潜能；以及
(c) 投资方是否面临那些风险和上行潜能。
评估主体的设立目的和设计
确定相关活动（第12-13段，图例4b）
（第8-9段）
确定如何主导相关活动（第14-15段）
确定是否投资方的权利提供其主导相关活动的能力
主体是否具备掌控
结构性主体的权力
主体是否拥有超过50%的实质性*投票权
通过投票权通过合同（图例18）？
（图例9）？
主导主导
否否是
是否存在实质控制（图例10）？不具备权力
否具备权力
实质性潜在投票权*是否给予了控制权（图
是例14）？
否
不明确考虑IFRS 10第B18-B20
其它合约协议或合同、投票权及潜在投票权
段的因素（图例6）
的某些结合是否给予了控制权（第27段）？
否
不具备权力
具备权力
图例3：权力评估的概念流程图
*图例7中阐述了该权利是实质性还是保护性权利。
11. IFRS 10提供了关于确定控制的以下额外 (b) 当两个或以上的投资方必须一致行

指南：动以主导影响报酬的相关活动时，
各投资方均不具备控制能力【IFRS
(a) 当权益工具明确确定表决权和控制
10第9段】。
权力时，在缺乏其它因素（IFRS 10
第B 35段）的情况下大股东具备控
制力；以及

(b) management of financial assets
PwC observation: Control is determined
before and after default;
by voting rights in the majority of cases.
No further assessment is required to (c) selection, acquisition and disposal of
assets;
determine control.
(d) research and development; and
(e) funding activities (IFRS 10.B11).
Relevant activities
13. Decisions over relevant activities may
12. IFRS 10 defines ‘relevant activities’ as include operating, capital and budgetary
those activities of the investee that decisions; or the appointment,
significantly affect the investee’s returns remuneration and termination of service
(IFRS 10 Appendix A). IFRS 10 offers a providers or key management (IFRS
wide range of possible ‘relevant’ 10.B12).
activities including but not limited to:
The following examples are summarised
(a) sales and purchases of goods and from IFRS 10 examples 1 and 2:
services;
Example 13.1
• Two investors form an investee to Regulatory
develop and market a medical product. approval
• One investor has the responsibility and

the unilateral ability to make all Activity 1: Activity 2:
decisions relating to product Product development Manufacturing/
Marketing
development and to obtaining
regulatory approval.
Investor A decides Investor B decides
• Once the regulator has approved the
product, the other investor has the Illustration 4(a): Relevant activities directed by different
parties – example 13.1
responsibility and the unilateral
ability to make all manufacturing
and marketing decisions.
Which investor has power over the investee?
Solution
The considerations are summarised in the flowchart below:
Do both activities significantly affect

No Consider only the activity that
investee’s returns? significantly affects returns.
Yes
Which activity most significantly affect returns?
General considerations:
a) the purpose and design of the investee;
b) the factors that determine the profit margin, revenue and value of the investee as well as the
value of the medical product;
c) the effect on the investee’s returns resulting from each investor’s decision-making authority
with respect to the factors in (b); and
d) the investors’ exposure to variability of returns.
Considerations specific to this example:
e) the uncertainty of, and effort required in, obtaining regulatory approval (considering the
investor’s record of successfully developing and obtaining regulatory approval of medical
products); and
f) which investor controls the medical product once the development phase is successful.
Illustration 4(b): Relevant activities directed by different parties – example 13.1

(b) 违约前后金融资产的管理；
普华永道的评论：大多数情况下通过表决权
确定是否存在控制。无需进行更多评估来确 (c) 资产的选择、购买和处置；
定是否存在控制。
(d) 研究和发展；以及
(e) 融资活动【IFRS 10第B11段】。
相关活动
13. 相关活动的决策可能包括运营、资本和预
12. IFRS 10定义“相关活动”是指重大影响算决策；或服务提供者或关键管理人员的
被投资方报酬的那些活动【IFRS 10附录指派、奖酬和解雇等【IFRS 10第B12段】。
A】。IFRS 10提供了各种可能的“相关”
活动，包括但不限于：从IFRS 10示例1和示例2中总结出了以下示例：
(a) 货物及服务的销售和购买；
示例13.1
• 两个投资方成立一被投资方以开发和营监管部门的批准
销医疗产品；
• 其中一名投资方有责任并具备单方面的
能力来制定与产品开发及获得监管部门
的批准有关的所有决策；活动1：产品开发活动2：制造/营销
• 一旦监管部门批准该产品，另一投资方
有责任并具备单方面的能力来制定所有
制造和营销决策。由投资方A决定由投资方B决定
图例4（a）：由不同投资方主导的相关活动—示例13.1
其中哪位投资方拥有对被投资方的权力？
解答
下表总结了需考虑的因素：
否
两种活动是否皆重大影响被投资方的报酬？仅考虑重大影响报酬的活动
哪一种活动对报酬的影响最重大？
通常考虑因素：
a) 被投资方的设立目的和设计；
b) 确定被投资方利润率、收入和价值以及医疗产品价值的因素；
c) 各投资方关于（b）中所述因素的决策职权对被投资方报酬的影响；以及
d) 投资方暴露于报酬的变动性。
该特定示例的考虑因素：
e) 获得监管部门批准的不确定性和所需努力（考虑投资方成功开发医疗产品并获得监管部门批准的记
录）；以及
f ) 一旦发展阶段成功，哪一投资方控制该医疗产品。
图例4（b）：由不同投资方主导的相关活动—示例13.1

PwC observation: This type of decision cost manufacturer of a commoditised
will be highly judgemental in practice. For product and a manufacturer of a high-end
example, when one investor is responsible branded product. Low-cost manufacturing
for manufacturing and another investor could be the critical process for the first
is responsible for marketing, it can be manufacturer, while effective marketing
difficult to identify which activity has could be the critical process in the second
more effect on returns. The answer manufacturer.
could be affected by the investee’s
strategy. For example, consider a low-
Example 13.2
An investment vehicle (the investee) is created with debt and equity instruments.
Asset manager Other equity investors Debt investor
Debt
30% equity 70% equity
instrument
Investee
• Equity absorbs first losses and receives residual returns
• Markets debt instrument as having minimal credit risk due to existence of equity
• Purchases portfolio of financial assets with debt and equity proceeds
• Returns affected by:
– management of asset portfolio
– management of defaulted assets
Illustration 5(a): Relevant activities directed by different parties – example 13.2
• The asset manager manages all • Thereafter, a third-party trustee

activities until defaults reach a specified manages the assets according to the
threshold (i.e. when the equity tranche instructions of the debt investor.
of the investee has been consumed).
The sequence of decision powers are illustrated diagrammatically as follows:

Default
passes
threshold
Activity 1: Activity 2:
Asset portfolio Defaulted asset
management management
Asset manager decides Debt investor decides
Illustration 5(b): Relevant activities directed by different parties – example 13.2
Who controls the investment vehicle?

Solution
The asset manager and the debt investor each need to determine whether they are able to
direct the activities that most significantly affect the investee’s returns, including
considering the purpose and design of the investee as well as each party’s exposure to
variability of returns.

普华永道的评论：这种类型的决策在实务中如，考虑平价产品的低成本制造商和高端品牌
具有高度的判断性。例如，当其中一名投资方产品的制造商。对前者来说低成本制造是最
负责制造产品，另一名投资方负责营销产品为关键的，而对后者来说有效营销才是最为关
时，确定哪种活动对报酬的影响更大是很困键的。
难的。答案可能受到被投资方战略的影响。例
示例13.2
某一投资载体（被投资方）系以债务和权益工具设立。
资产管理者其它权益投资方债务投资方
30%的股权 70%的股权债务工具
被投资方：
• 股权吸收最初损失并获得剩余的报酬；
• 销售因股权的存在而具有最小信用风险的债务工具；
• 使用发行债务及权益工具之价款购买金融资产投资组合；
• 报酬受以下因素的影响：
. 资产组合的管理；
. 违约资产的管理。
图例5（a）：由不同投资方主导的相关活动—示例13.2
• 资产管理者管理所有活动直到违约达到 • 之后，第三受托方根据债务投资方的指

特定门坎（即当被投资方的股权份额已被示管理资产。
消耗）；
决策权的顺序被图解如下：
违约超过门坎
活动1：活动2：
资产投资组合管理违约资产管理
由资产管理者决定由债务投资方决定
图例5（b）：由不同投资方主导的相关活动—示例13.2
谁控制投资载体？
解答
资产管理者和债务投资方皆需要确定他们是否能主导最能重大影响被投资方报酬的活动，
包括考虑被投资方的设立目的和设计以及各方暴露于报酬的可变动性。

Power over relevant activities or similar rights will provide power (IFRS
10.B16). In other cases, voting rights do
14. An investor must have rights that provide not have a significant effect on returns,
the current ability to direct relevant and these are dealt with in paragraphs 34
activities to have power (IFRS 10.B14). to 41 below.
This ability can stem from a wide variety
of rights, including voting or potential Factors to consider in difficult situations
voting rights, rights to appoint or remove 16. When it is difficult to determine whether
decision-makers including key an investor’s rights are sufficient to
management veto rights and contractual provide power over an investee, the
rights (IFRS 10.B15). factors to be considered are shown in the
15. Generally, when the investee has a range following diagram:
of relevant activities that require
continuous substantive decisions, voting
Indicators relating to the practical ability to direct the investee (IFRS 10.B18)
• Non-contractual ability to appoint investee’s key management personnel (KMP)
• Non-contractual ability to direct investee to enter into significant transactions or veto such
transactions
• Ability to dominate the nomination of members to the investee’s governing body or obtain proxies
from other vote-holders
• Investee’s KMP, or majority of governing body, are related parties of the investor (for example,
investee and investor share the same CEO)
These indicators are given greater weight than the indicators below.
Other indicators
Special relationship indicators (IFRS 10.B19)
Investee’s KMP are current or ex-employees of the investor Exposure to

Economic dependence on investor variability (IFRS 10.
B20)
• Funding • Licences or trademarks
• Guarantees • Key management personnel • Greater exposure, or
• Critical services • Specialised knowledge rights, to variability of
• Technology • Other critical assets returns provides
greater incentive to
• Supplies or raw materials
obtain power.
Economic dependence alone does not lead to power
• Extent of exposure,
(IFRS 10.B40). in itself, is not
determinative.
Investees’activities either involve or are conducted on behalf
of investor
Disproportionate exposure
Exposure, or rights, to returns from involvement with investee is
disproportionately greater than voting or similar rights. For example,
>50% exposure but <50% votes.
Illustration 6: Factors to consider when assessment of control remains uncertain

对相关活动的权力难以决定情况下需考虑的因素
14. 投资方必须拥有提供其现有能力以主导相 16. 当不能轻易确定投资方是否拥有足够权
关活动的权利，以具备权力【I F R S 10第利以对被投资方具有权力时，需考虑的
B14段】。这种能力可来自于各种权利，包因素如下表所示：
括表决权或潜在表决权、指定或解雇决策
制定者的权利（包括关键管理人员的否决
权和合同权利）【IFRS 10第B15段】。
15. 一般来说，当被投资方有一系列需要连
续制定实质性决策的相关活动时，表决
权或类似权利将提供权力【I F R S 10 第
B16 段】。其它情况下，表决权对报酬不
会产生重大影响，这些方面在下述34-41
段中进行了阐述。
【IFRS 10第B18段】
与主导被投资方的实务能力相关的指标：
• 指派被投资方关键管理人员（KMP）的非合同能力；
• 主导被投资方进行重大交易或否决该等交易的非合同能力；
• 支配被投资方管理机构成员的任命或获得从其它表决权持有人的代理权的能力；
• 被投资方的关键管理人员或管理机构的大多数成员是投资方的关联方（例如，被投资方
之首席执行官和投资方之首席执行官为同一人）。
上述这些指标相较下列其它指标应给予较大的权重。
其它指标
特殊关系指标【IFRS 10第B19段】
被投资方的关键管理人员是投资方的现任或前任员工面临变动性的风险
对投资方的经济依赖：
• 面临的可变动报酬或
• 提供资金 • 许可证或商标权利越大时，则取得
• 担保 • 关键管理人员权力之动机越高；
• 关键服务 • 专门知识
• 所面临的风险的范围
• 技术 • 其它关键资产本身并非具决定性。
• 物料或原料
仅仅是经济依赖并不能导致控制。【IFRS 10第B40段】。
被投资方的活动系参与投资方的活动或代投资方执行。
面临不成比例的风险
所参与被投资方的报酬面临的风险或权利，不成比例地大于其表决权或
其它类似权利，例如，面临的风险超过50%，但其表决权低于50%。
图例6：当评估控制仍不确定时需考虑的因素

PwC observation: Economic Substantive or protective rights
dependence is not uncommon. For 17. IFRS 10 requires only substantive rights
example, mid-stream processing to be considered in the assessment of
companies for rare minerals or power (IFRS 10.B22). Protective rights
resources could be dependent on its are not considered.
resource suppliers. However, the
‘priority indicators’ in the above 18. Substantive rights exercisable by other
illustration take precedence over parties can prevent an investor from
economic dependence indicators. obtaining control, even if those right-
holders are not able to initiate decisions
Therefore, if the resource supplier has (IFRS 10.B25).
little or no influence over the mid-stream
processor’s key management personnel, Substantive rights
governing bodies, proxy process and 19. The following flowchart summarises the
decision-making processes, the processor’s criteria for differentiating substantive
dependence on the resource supplier and protective rights. It applies to all
for raw materials will be insufficient to types of rights, including current voting
constitute power. rights and potential voting rights.
Is there the practical ability to exercise?
Are there barriers to exercise of those rights by holder?

Examples:
• Financial penalties or incentives;
• Exercise/conversion prices that deter exercise/conversion;
• Terms and conditions that prevent exercise of rights (for example, conditions that narrowly limit
timing of exercise);
• The lack of an explicit, reasonable mechanism through which holders can exercise their rights;
• Inability to obtain information needed to exercise rights;
• Operational barriers such as lack of expertise to replace existing management after gaining
control; and
• Legal/regulatory requirements that prevent exercise.
Do practical mechanisms exist for collective exercise of rights?

• The more parties that need to agree, the less likely that the rights are substantive.
• Independent board of directors may provide the required mechanism.
Will the holder benefit from the exercise of those rights?

Potential voting rights are more likely to be substantive if:
• they are in the money; or
• the investor will benefit for other reasons from exercise (for example, realise synergies).
Yes
Is the right exercisable when decisions about the direction

of relevant activities need to be made (para 20)?
Yes
Substantive rights
Illustration 7: Flowchart for determining whether rights are substantive

普华永道的评论：经济依赖是常见的。例如，
实质性或保护性权利
罕见矿材或资源的中游加工公司可依赖于其 17. IFRS 10要求在评估权力时只考虑实质性
资源供货商。然而，上述图例中所述的“优权利【IFRS 10第B22段】。保护性权利不
先指标”比经济依赖指标更重要。予考虑。
18. 其他方可行使的实质性权利能阻止投资
因此，如果资源供货商对中游加工公司的关
方获得控制力，即使这些权利的持有人不
键管理人员、管理机构、代理程序和决策制
能发起决策【IFRS 10第B25段】。
定程序的影响很小或没有影响，那么加工公
司对资源供货商的原料依赖将不足以构成
权力。实质性权利
19. 以下流程图总结了区分实质性权利和保
护性权利的标准。该流程图适用于所有
类型的权利，包括现有表决权和潜在表
决权。
是否具有实际能力以行使该权利？
权利持有人行使这些权利是否存在障碍？
示例：
• 财务处罚或诱因；
• 阻止权利执行/转换的执行/转换价格；
• 阻止权利执行的条款和条件（例如，严格限制其执行时的条件）；
• 缺乏持有人可执行其权利的明确合理的机制；
• 不能获得执行权利所需的信息；
• 运营障碍，比如在获得控制后缺乏替换现有管理层的专业知识；以及
• 防碍行权的法律/管制规定。
集体执行权利是否存在实务机制？
• 需同意的当事人越多，则权利为实质性权利的可能性越小；
• 独立董事会可提供所需的机制。
持有人是否从执行这些权利中获利？
若存在以下事项，则潜在表决权更可能是实质性权利：
• 潜在表决权于价内；
• 由于其它原因投资方将从执行这些权利中获利（例如，实现协同效益）。
当需要制定主导相关活动的决策时，是否可执行权利（第20段）？
实质性权利
图例7：确定权利是否是实质性的流程图

PwC observation: An important change guidance on this factor until now. Potential
introduced by IFRS 10 is its articulation of voting rights that are deeply out of the
the financial position of potential voting money can result in those rights being
rights (that is, whether in or out of the regarded as non-substantive, as examples
money) as a factor to consider in assessing 9 and 10 in IFRS 10.B50 illustrate. These
control. IAS 27 provided very little are summarised below. (IFRS 10.B23)
Fact pattern Financial position of Other facts Conclusion

potential voting
rights
30% investor with call option Deeply out of the The other investor (holding Option is not
exercisable for next 2 years money and expected to 70%) has been exercising substantive.
over a further 50%. remain so over option its votes and actively
life. directing the investee’s
activities.
Three investors each hold 1/3 Out of the money but • Investee’s business Option is
of votes in an investee. One not deeply out of the activity is closely substantive.
investor (A) holds convertible money. related to A.
debt with a fixed strike price. • A benefits from
If converted, A will own 60% synergies if the
of votes. conversion option is
exercised.

普华永道的评论：IFRS 10引入的一个重大改非实质性权利，如IFRS 10第B50段中的示例9
变是其将潜在表决权的财务状况（即是否为价和示例10所述。下表对此进行了总结。【IFRS
内或价外）作为评估控制的一个考虑因 10第B23段】
素。IAS 27迄今仍未对该考虑因素提供指南。
处于深入价外的潜在表决权可导致其被视为
事实模式潜在表决权的财务状况其它事实结论

持有 3 0 % 表决权的投资方具处于深入价外且预计保另一投资方（持有70%的表决选择权不具
有可执行的看涨期权，该选择持该情况于整个选择权权）一直在执行表决权并积极实质性。
权可在未来两年执行，执行后期间。主导被投资方的活动。
将持有超过50%的表决权。
三名投资方各持有被投资方处于价外但非深入价外。 • 被投资方的营业活动与A密选择权具实
1/3的表决权。其中一名投资方切相关；质性。
（A）持有具有固定转换价格 • 如果执行转换选择权，则获
的可转换债券。如果转换的得协同效益的利益。
话，A将拥有60%的表决权。

20. Substantive rights that provide the holder B24 provides the examples below of
with the current ability to direct relevant non-currently exercisable rights that are
activities are usually currently nevertheless substantive.
exercisable, but not always so. IFRS 10.
Example 20.1
• The investee makes decisions about • Shareholders that individually or
relevant activities at special meetings collectively hold at least 5% of the
and annual general meetings (AGM). voting rights can call a special
meeting within 30 days.
• Next AGM is in eight months.
• Example 1B: Forward
exercise date
• Example 1C: Option
exercise date
• Example 1A: Earliest • Example 1D: Forward
decision date of majority exercise date
shareholder
25 days 6 months
30 days 8 months
Special meeting AGM
Illustration 8: Whether rights are exercisable when decisions need to be made – example 20.1
This scenario applies to examples 20.1A–D described below. Each example is considered in
isolation.
Rights held by investor Are rights substantive?
Example 20.1A Voting rights are substantive.

Majority of voting rights. • Investor can make decisions on relevant activities when they need to be
made.
• 30-day delay before exercise does not preclude existence of power from
moment that shares are acquired.
Example 20.1B The forward contract is substantive.
25-day forward to acquire • Existing shareholders are unable to change existing policies within the
majority voting rights. next 30 days. The forward contract will have settled by that time. The
investor’s rights are essentially equivalent to the majority shareholder in
example 20.1A.
• The forward contract gives the investor power even though settlement
has not yet occurred.
Example 20.1C The same conclusion would be reached as in example 20.1B.
Deeply in-the-money
25-day option to acquire
majority voting rights.
Example 20.1D The forward contract is not substantive.
Six-month forward to • Existing shareholders can change existing policies over the
acquire majority relevant activities before the forward contract is settled.
voting rights; no other • Therefore, investor does not have the current ability to direct
related rights. relevant activities.

20. 使持有人当前有能力主导相关活动的实前可执行权利的示例，然而它们仍然是
质性权利通常在目前可执行，但未必总是实质性权利。
如此。IFR S 10第B24 段提供了以下非当
示例20.1
• 被投资方在特殊会议和年度例行会议 • 个别或共同持有至少5%的表决权的股
（AGM）上制定相关活动的决策；东可要求在30天内召开特殊会议。
• 下一次年度例行会议在八个月之后；
• 示例1B：远期行使日
• 示例1C：期权行使日
• 示例 1 D ：远期
• 示例 1 A ：多数股行使日
东的最早决策日
25天 6个月
30天 8个月
特殊会议年度例行会议
图例8：当需要制定决策时是否可执行权利—示例20.1
该方案适用于下述示例20.1A-D。各示例被单独进行考虑。
投资方拥有的权利权利是否是实质性的
示例20.1A 表决权是具实质性的
多数表决权 • 投资方可在需要时制定相关活动的决策；
• 延迟30天执行权利不会阻碍股份购买时权力的存在。
示例20.1B 远期合同是具实质性的
25天远期合同以取得多数 • 现有股东在未来30天以内无法改变现有政策。远期合同将在那时前完成交
表决权割。投资方的权利基本上与示例20.1A中多数股东的权利相同；
• 远期合同给予投资方权力，即使合同尚未交割。
示例20.1C 与示例20.1B中的结论相同。
处于深入价内选择权，有
权选择在25天后取得多数
表决权
示例20.1D 远期合同不具实质性的
6个月远期合同以取得多 • 现有股东可以在远期合同交割前更改相关活动的现有政策；
数表决权；无其它相关权利
• 因此，投资方目前不能主导相关活动。

Protective rights significantly affect the franchisee’s
returns (for example, legal form and
21. Protective rights are those that apply
funding structure – IFRS 10.B33). The
only in exceptional circumstances or
franchisor does not have power over the
relate to fundamental changes in the
franchisee if other parties have the
investee (IFRS 10.B26).
current ability to direct the franchisee’s
22. Rights are not protective simply because relevant activities (IFRS 10.B31).
they are contingent on events or
25. The less financial support provided by
circumstances or because they apply in
the franchisor and the lower the
exceptional circumstances (IFRS 10.
franchisor’s exposure to variability of
B26).
returns from the franchisee, the more
23. Protective rights include: likely it is that the franchisor only holds
protective rights (IFRS 10.B33).
(a) lender’s rights to restrict borrower’s
activities that adversely affect its PwC observation: The introduction of
credit risk to the lender’s detriment; explicit guidance on franchises is new in
(b) rights of a non-controlling IFRS 10. It is expected to provide more
shareholder to approve exceptional clarity on decisions by franchisors on
capital expenditure or debt/equity
consolidation of franchisees.
issues; and
(c) rights of a lender to seize assets upon
default.
Voting and potential voting rights
(IFRS 10.B28)
Franchises Power with a majority of the
voting rights
24. Judgement is required to determine
whether a franchisor’s rights over a 26. An investor with more than half of the
franchisee are substantive or voting rights has power, when the
protective in nature. IFRS 10 conditions illustrated in the following
distinguishes decision rights held by the flowchart are fulfilled.
franchisor that protect the franchise
brand from decision rights that
Does investor hold majority of voting rights?

Yes
Either Relevant activities are directed by majority vote (IFRS 10.B35a);

Majority of governing body that directs relevant activities are appointed by
Or
majority vote (IFRS 10.B35b)?
Yes
Are voting rights substantive (paras 17-20) (IFRS 10.B36)?

Voting rights cannot be substantive if the investee is subject to direction by a government,
court, administrator, receiver, liquidator or regulator (IFRS 10.B37).
Yes
Do voting rights provide current ability to direct relevant activities (IFRS 10.B36)?
An investor does not have power if another entity, not acting as the
agent of the investor, can direct the relevant activities (IFRS 10.B36).
Yes
Power
Illustration 9: Flowchart for assessing whether voting rights provide power

保护性权利 IFRS 10区分了特许人拥有的保护特许品
21. 保护性权利是指只适用于例外情况或与牌的决策权与重大影响被特许人报酬的
被投资方的基本改变有关的权利【I F R S 决策权（例如，法律形式和资本结构—
10第B26段】。【I F R S 10第B33段】。如果其他方具有
现有能力以主导被特许人的相关活动，则
22. 仅仅因为它们依事件或情况而定，或因特许人对被特许人并不拥有权力【I F R S
为它们适用于例外情况下，权利不一定是 10第B31段】。
保护性的【IFRS 10第B26段】。
25. 特许人提供的财务支持越少，且特许人面
23. 保护性权利包括：临对被特许人报酬变动性的风险愈低，
(a) 贷款方限制借款方开展会对其信用风则特许人愈可能只拥有保护性权利
险产生不利影响从而损害贷款方的活【IFRS 10第B33段】。
动的权利；
普华永道的评论：IFRS 10引入了新的关于特
(b) 非控制股东批准超出正常营运范围的许权的明确指南。预计其将使特许人是否合
资本支出或发行债务/股权的权利；并被特许人的决策更为清楚。
以及
(c) 贷款方在发生违约行为时扣押资产
的权利。表决权和潜在表决权
【IFRS 10第B28段】持有多数表决权时的权力
26. 当满足以下流程图中所列示的条件时，持
特许权有超过半数表决权的投资方拥有权力。
24. 需要判断确定特许人对被特许人的权利
在本质上是实质性的还是保护性的。
投资方是否持有多数表决权？
或者相关活动通过多数表决主导【IFRS 10第B35a段】；
或者主导相关活动的管理机构的多数成员由多数表决指派【IFRS 10第B35b段】？
是
表决权是否是实质性的（第17-20段）【IFRS 10第B36段】；
如果被投资方受政府、法院、行政机关、接管人、清算人或监管机构主导，则表决权不是实质性的【IFRS 10
第B37段】
是
表决权是否提供现有能力以主导相关活动【IFRS 10第B36段】
如果非作为投资方代理人的另一主体能主导相关活动，则投资方不拥有权力【IFRS 10第B36段】
是
拥有权力
图例9：评估表决权是否提供权力的流程图

Power without a majority of voting rights
27. An investor with less than a majority of voting rights can also gain power through:
Contractual arrangements with For example, such a contract may enable the investor to control
other vote holders. sufficient votes held by other investors to provide itself with power
over the investee (IFRS 10.B39).
Rights arising from other For example, such a contractual arrangement may allow the
contractual arrangements. investor to directly control certain investee’s activities (for example,
manufacturing). If these are relevant activities, this may result in
control by the investor (IFRS 10.B40).
Ownership of the largest block of This is discussed in detail in the section ‘De facto control’.
voting rights in a situation where
the remaining rights are widely
dispersed (‘de facto control’).
Potential voting rights. This is discussed in detail in the section ‘Potential voting rights’.
A combination of the above. For example, a combination of 40% voting rights and 20% potential
voting rights may provide power.
De facto control the power to unilaterally direct the
investee unless a sufficient number of
PwC observation: One of the the remaining dispersed investors act
significant changes introduced by in concert to oppose the influential
IFRS 10 includes guidance on de facto investor. However, such concerted
control for the first time. action may be hard to organise if it
requires the collective action of a large
28. An investor with less than a majority number of unrelated investors.
of the voting rights may hold the 29. The following diagram summarises the
largest block of voting rights with considerations for assessment of de
the remaining voting rights widely- facto control.
dispersed. The investor may have
Primary considerations (IFRS 10.B42)
Other investors shares

Amounts of shares held
Size
by reporter*
Dispersion
Affects Affects
Conclusive
Number of other investors that must act together to outvote reporter*
Conclude
Potential voting rights held by reporter* and other investors
Rights arising from other contractual arrangements
Inconclusive
Secondary considerations (IFRS 10.B45)

• Voting patterns at previous shareholder meetings Conclusive
• Factors to consider when control is unclear (illustration 6)
Inconclusive
No de facto control (IFRS 10.B46)
* ‘Reporter’ is used to refer to the reporting entity that is performing the assessment
for de facto control over the investee.
Illustration 10: Assessment of de facto control

无多数表决权时的权力
27. 持有不超过半数表决权的投资方也能通过以下途径获得权力：
与其它表决权持有人签订的合同安排例如，该合同可使投资方控制其它投资方持有的足够多的表决以
为其提供掌控被投资方的权力【IFRS 10第B39段】
由于其它合同安排产生的权利例如，该合同安排可允许投资方直接控制被投资方的特定活动（例
如，制造活动）。如果这些是相关活动，则投资方拥有控制
持有最大批量表决权的所有权，而剩余这种情况在“实际控制”章节中进行了详细阐述。
的表决权被分散持有时（“实际控制”）
潜在表决权这种情况在“潜在表决权”章节中进行了详细阐述。
上述项目的结合例如，40%表决权和20%潜在表决权的结合可提供权力。
实际控制量的表决权。这种情况下，除非有足够多
的其它分散投资方结合，一致反对有影响
普华永道的评论：IFRS 10的其中一个力的投资方，则投资方可能拥有单方面指
重大更改包括第一次引入实际控制的示被投资方的权力。然而，若需要大量不
指南。相关投资方的集体行动，这种一致行动
可能很难组织。
29. 以下图表总结了评估实际控制需考虑的
28. 当剩余表决权被分散持有时，持有不超因素。
过半数表决权的投资方可能持有最大批
首要考虑因素【IFRS 10第B42段】
其它投资方的股份
报告人*持有的股份数量数量
分散
影响影响
决定性的
必须一同反对报告人*的其它投资方的数量
得出结论
报告人*和其它投资方持有的潜在表决权
其它合同安排产生的权利
非决定性的
次要考虑因素【IFRS 10第B45段】
• 以往股东会议的表决模式；决定性的
• 当控制不明确时需考虑的因素（图例6）
非决定性的
没有实际控制【IFRS 10第B46段】
*“报告人”指对被投资方的实际控制进行评估的报告主体。
图例10：实际控制的评估

PwC observation: De facto control may have significant influence on the
judgements are difficult in practice determination of when holdings do and
because of the many qualitative factors do not result in de facto control. These
that must be considered. Examples examples are summarised as follows:
4-8 provided in IFRS 10.B43 and B45
IFRS 10 Largest Holdings of Holdings of Other facts and circumstances Control
ref. investor’s next largest remaining stated in example by largest
holdings investors investors investor?
IFRS 10 48% – Thousands None of the shareholders have Yes.
example 4 of arrangements to consult each other
shareholders or make collective decisions.
with less
than 1%
each.
IFRS 10 40% – 12 investors A shareholder agreement grants Yes, because
example 5 holding 5% the largest investor the right to of the
each. appoint, remove and set the agreement.
compensation of management
Not conclusive
responsible for directing the
if considering
relevant activities. A two-thirds
only voting
majority shareholder vote is
rights.
required to change this agreement.
IFRS 10 45% Next 2 3 other – No.
example 6 investors investors
hold 26% hold 1%.
each.
IFRS 10 45% – 11 None of the shareholders have Not conclusive
example 7 shareholders arrangements to consult each other if considering
holding 5% or make collective decisions. only voting
each. rights.
IFRS 10 35% Next 3 Numerous None of the shareholders have No.
example 8 investors shareholders arrangements to consult each
hold 5% with less other or make collective decisions.
each. than 1% Decisions made based on majority
each. vote. 75% of votes have been cast
at recent shareholders’ meetings.

普华永道的评论：因为必需考虑许多质量因示例4-8可能对确定持有股份是否会导致实际
素，在实践中判断实际控制是充满挑战控制产生重大影响。这些示例总结如下：
的。I F R S 10第B 43段和第B 45段中提供的
IFRS 10 最大投资第二大投资方剩余投资方示例中说明的其它事实和情况是否由最大投

中的示例方的持有的持有股份的持有股份资方控制？
股份
IFRS 10中 48% - 数千股东每股东没有约定互相商议或共同制定是
的示例4 位持有少于决策
1%的股份
IFRS 10中 40% - 12位投资方股东协议赋予最大投资方指定、解雇是，因为存在此
的示例5 每位持有5% 及规定指导相关活动的管理人员报协议
的股份酬的权力。更改此协议需要三分之二如果仅仅考虑
的多数股东表决方可通过表决权则是非
决定性的
IFRS 10中 45% 2位第二大其它3位投资 - 否
的示例6 投资方每位方每位持有
持有 2 6 %的 1%的股份
股份
IFRS 10中 45% - 11位投资方股东没有约定互相商议或共同制定如果仅仅考虑
的示例7 每位持有5% 决策表决权则是非
的股份决定性的
IFRS 10中 35% 3位第二大投众多股东每位股东没有约定互相商议或共同制定决否
的示例8 资方每位持持有少于1% 策。根据多数表决结果作出决策。最
有5%的股份的股份近的股东大会投出了75%的选票

30. The additional examples below illustrate the application of the above principles.
Example 30.1
Entity P Other investors

Nominates majority of • Many shareholders, each with < 5% of votes.
directors that are approved • No arrangements to vote collectively.
due to P’s presence at • General representation at general meetings
general meetings. < 30% for many years.
48% Entity Q 52%

• Listed.
• No history of shareholder activism in listing country.
• Hostile takeovers unusual.
Illustration 11: De facto control – example 30.1
Does P control Q?
Solution
Applying the de facto control guidance,
(a) Relative size – P holds 48% as compared to other shareholders individually owning
less than 5% each.
(b) Dispersion of other shareholdings – The other shareholders each own less than 5%
so there would be at least 11 shareholders.
The examples in IFRS 10 concluded that:
(a) An investor with 48% voting rights and remaining shareholders holding less than
1% was sufficient to constitute power (IFRS 10.B43 example 4).
(b) An investor with 45% voting rights as compared to 11 other investors each holding
(exactly) 5% was insufficient to constitute power (IFRS 10.B45 example 7).
P’s case lies in between the two examples and further analysis is required.
Looking at the additional factors (see illustration 10 above),
(a) The remaining shareholders have not formed any group to vote collectively, they
have not been well-represented in past general meetings, and there is no history of
shareholder activism (IFRS 10.B45).
(b) Entity P dominates the nominations process for electing Q’s governing body (IFRS
10.B18c).
The additional factors may suggest that P controls Q.

30. 以下额外示例图解了上述原则的应用：
示例30.1
主体P 其他投资方
在例行会议上任命大多数 • 许多股东，而每位持有少于5%的表决权；
董事。 • 没有约定集体表决；
• 例行会议上的一般代表权多年来少于30%。
48% 主体Q 52%

• 已上市；
• 上市国家无股东积极主义的历史；
• 恶意接管不常见。
图例11：实际控制—示例30.1
P是否控制Q？
解答
应用实际控制指南：
(a) 相对量—P持有48%的股份，而其它股东每位持有少于5%的股份；
(b) 其它股份的分散性—其它股东每位持有少于5%的股份，因此至少有11位股东。
IFRS 10中的示例的结论如下：
(a) 其中一位投资方持有48%表决权，剩余股东持有少于1%表决权，这种情况足以构成
控制【IFRS 10第B43段示例4】；
(b) 其中一位投资方持有45%表决权，其它11位投资方每位持有5%（精确）表决权，这种
情况不足以构成控制【IFRS 10第B45段示例7】。
P的情况介于这两个示例之间，需要进行更深层次的分析：
纵观其它额外的因素（参见图例10）
(a) 剩余股东没有形成任何团体进行集体表决，他们在以往例行会议上还没有被广泛代
表，且无股东积极主义的历史【IFRS 10第B45段】；
(b) 主体P支配Q的管理机构的任命程序【IFRS 10第B18c段】。
这些额外因素可能表明P对Q拥有控制。

Example 30.2
• Parent L has a 51% interest in listed entity M. L consolidates M.
• M is highly-leveraged and started making losses. L decided to sell 2% to an
investment bank.
The post-sale structure, and additional information, is as follows:
Entity L Other investors

• Can easily re-acquire controlling interest in • Many shareholders other
M by buying shares in market. than the investment bank,
• Expects to continue managing M, each with < 1% of votes.
controlling M’s policies and appointing • No arrangements to vote
M’s directors. Investment collectively.
• Casts the majority of votes in general bank • Usually not represented at
meetings. meetings.
49% 2% 49%
Entity M
• Listed with deep and liquid market for shares.
• No history of shareholder activism in country where listed.
Solution
L owns 49% as compared to other shareholders with holdings that are dispersed. It
expects to go on appointing management and directing activities. L has the practical
ability to direct the relevant activities of M (IFRS 10.B18).
The de facto control guidance in IFRS 10.B42 together with the factors in
IFRS 10.B18, indicate that L controls M.

Example 30.3
Entity T
30%
Investor 1
14%
Investor 2
14%
Investor 3 Entity V
14%
Investor 4
14%
Investor 5
14%
Investors 1 to 5:
• are venture capital companies or institutional investors;
• do not participate at general meetings; and
• are known to meet with representatives of entity V and with each other.
Solution
Applying IFRS 10.B42 principles:
(a) Relative size – T holds 30%, which is not that much higher than the
other shareholders.
(b) Dispersion of other shareholdings – Remaining shareholdings are concentrated
in five shareholders who do meet with each other. It may not be difficult for the
remaining five shareholders to act together.
Example 6 in IFRS 10.B43 concluded that an investor does not have control as only
two other investors would need to co-operate to prevent an investor from directing the
investee’s activities.
Only three investors need to co-operate to exceed T’s voting power in the above
example. In this case, T does not control V.

示例30.2
• 母公司L拥有上市主体M 51%的股份。L合并M；
• M高度举债经营，开始亏损。L决定向一家投资银行出售2%的股份。
售后结构以及额外信息如下：
主体L 其它投资方
• 可通过在市场上购买股份轻易重购M的 • 除投资银行外的众多股东每
控制股权；位持有少于1%的表决权；
• 预料继续管理M，控制M的政策并指定M • 无集体表决的安排；
的董事； • 在例行会议上通常没有代
• 在例行会议上投出大多数选票。投资银行表出席。
49% 2% 49%
主体M
• 已上市，其股票在市场上具有高流通性；
• 在上市国家无股东积极主义的历史。
解答
L 拥有49 %的股份，其它股东分散持有股份。L 预料继续指定 M的管理人员并指导其活
动。L具备指导M相关活动的实践能力【IFRS 10第B18段】。
IFRS 10第B42段中的实际控制指南以及IFRS 10第B18段中的因素表明L控制M。

示例30.3
主体T
30%
投资方1
14%
投资方2
14%
投资方3 主体V
14%
投资方4
14%
投资方5
14%
投资方1至5：
• 是风险资本公司或机构投资方；
• 不参与例行会议；以及
• 会晤主体V的代表并相互会见。
解答
应用IFRS 10第B42段的原则：
(a) 相对量—T持有30%的股份，不比其它股东持有的股份高出很多；
(b) 其它股份的分散性—剩余股份主要集中在5位相互会见的股东身上。这5位股东
集体行动并不困难。
IFRS 10第B43段中的示例6推断出投资方不拥有控制权，因为只要两位其它投资方合作便可
阻止该投资方指导被投资方的活动。
上例中三位投资方合作就可以超过T的表决权。这种情况下，T不控制V。

Potential voting rights (IFRS 10.B48).
The purpose and design of the
31. Potential voting rights are defined potential voting right instrument and
as ‘rights to obtain voting rights of the purpose and design of any other
an investee, such as those within an involvement the investor has with the
option or convertible instrument.’ (IFRS investee should be
10.B47) assessed. This involves both an
assessment of terms and conditions
32. IFRS 10 specifies 3 issues to consider: and the investor’s apparent
(a) Substantive or protective? expectations, motives and reasons
Only substantive voting rights for agreeing to those terms and
are considered in assessing power conditions.
(IFRS 10.B47). Therefore voting (c) Other voting or decision rights
rights should be assessed against held by the investor (IFRS 10.B49).
the criteria for substantive rights For example, ownership of a 20%
specified by IFRS 10 option that is accompanied by a 40%
(see illustration 7). shareholding may result in control
(b) Purpose and design of (IFRS 10.B50).
instrument and other involvement
Substantive
rights
Potential voting
rights
Purpose and
design of Other voting or
instrument and decision rights
involvement
Illustration 14: Potential voting rights

潜在表决权 (b) 工具以及其它参与型式的设定目的和
计划【IFRS 10第B48段】。潜在表决
31. 潜在表决权被定义为“获得被投资方表
权工具的设定目的和计划以及投资方
决权的权利，比如选择权或可转换工具
涉入被投资方的任何其它行为的设定
所包含的权利”【IFRS 10第B47段】。
目的和计划应进行评估。这包括评估
32. IFRS 10明确说明需要考虑的3个问题：条款和条件以及投资方同意这些条
款和条件的明显预期、动机和原因。
(a) 实质性或保护性权利？只有实质性表 (c) 投资方拥有的其它表决或决策权
决权被用作评估是否存在控制权【 I F R S 10 第 B 4 9 段】。例如，拥有
【IFRS 10第B47段】。因此表决权应 2 0 %的选择权以及4 0 %的股份可导
根据IFR S 10中规定的实质性权利的致控制【IFRS 10第B50段】。
标准进行评估（参见图例7）；
实质性权利
潜在表决权
工具和其它参与其它表决或决

的设定目的和计划策权
图例14：潜在表决权

33. The following examples illustrate the IAS 27/SIC 12 guidance has been
application of the above principles. included for comparison purposes.
The analysis based on the existing
Example 33.1
• A and B own 80% and 20% respectively of the voting shares of C.
• A sells a 50% interest to D and buys call options from D that are exercisable at any
time at a premium to the market price on issue.
The resulting structure is as follows:

50% call
D A B
30%
50% 20%
C
Illustration 15: Potential voting rights example 33.1
Additional information about the call option:

• If exercised, A would recover its original 80% interest and voting rights.
• The exercise price has economic substance and is not set deliberately high.
• The option is slightly out of the money at the reporting date.
Is the call option substantive?
IFRS 10 analysis IAS 27/SIC 12 analysis
The options held by A are at a premium to the The options are out of the money when issued,
market price upon issue and are slightly out of but they are exercisable immediately. Hence,
the money at the reporting date. However, it is A has the power to govern the financial and
necessary to consider whether A benefits for operating policies of C and, as a consequence, C
other reasons from the exercise of the options is determined to be a subsidiary of A.
(for example, protection of interests, acquisition
of assets). If that is the case, the options may be
substantive, and A should consolidate C.

33. 以下示例说明了上述原则的应用。本分析
根据I A S 27/SIC 12中现有指南进行，以
供比较之用。
示例33.1
• A和B分别拥有C 80%和20%的表决股份；
• A出售50%的股份给D，并以超过发行时市场价格的溢价从D处购买随时可行使的看
涨期权。
交易后的结构如下：
50%的看涨期权
D A B
30%
50% 20%
C
图例15：潜在表决权—示例33.1
关于看涨期权的更多信息：
• 如果行使该看涨期权，A将收回其原始80%的股份和表决权；
• 行使价格具有经济实质，并不会故意定得很高；
• 该选择权在报告日稍微处于价外。
该看涨期权是否实质性权利？
IFRS 10的分析 IAS 27/SIC 12的分析

A拥有的选择权是以超过发行时市场价格的溢价购买选择权在发行时处于价外，但它们可以立即行使。
来的，且在报告日稍微处于价外。然而，需要考虑A 因此，A有权管理C的财务和运营政策，导致C被确
是否因其他原因从行使该选择权中获利（例如，保定为是A的一个子公司。
护股份、购买资产）。如果是这种情况，该选择权
可能是实质性的，且A应合并C。

Example 33.2
• A, B and C own 40%, 30% and 30% respectively of D’s voting shares.
• A also owns call options that:
• are exercisable at any time at the fair value of the underlying shares; and
• if exercised, would give A an additional 20% of D’s voting rights and reduce
B’s and C’s interests to 20% each.
The following diagram illustrates this arrangement:
10% call 10% call
A B C
30%
40% 30%
D
Is the call option substantive?

The call options are exercisable at fair value. As such, The existence of the potential voting rights that can
they are neither in nor out of the money. A would have be exercised at any time gives A the power to govern
to consider the other factors in illustration 7 in order the financial and operating policies of D. Hence, D is
to determine whether the options are substantive. the subsidiary of A.
If the options are substantive, A would have to
consider the factors in illustration 14 (for example,
purpose and design of the option instrument) to
assess whether the options provide A with power
over D.
Example 33.3
• A, B and C each own 33% of D’s voting shares.
• A, B and C each have the right to appoint two directors to the board of D.
• A owns call options that are exercisable at a fixed price at any time and if exercised would give
it all of the voting rights in D.
• A’s management does not intend to exercise the call options even if B and C do not vote in the
same manner as A.
• The options are in the money at both issue date and reporting date.
33% call 33% call
A B C
33%
33% 33%
D
Are the call options substantive?

The call options appear to be substantive as they are The intention of A's management should not be taken
in the money and there are no other countervailing into account in assessing whether A has control of D.
factors. Management’s intent does not affect the The existence of the potential voting shares and entity
assessment of whether the options are substantive A's ability to exercise the options and thereby gain
unless this intention is caused by barriers or other control of D indicate that D is a subsidiary of A.
practical difficulties (see illustration 7).
If the options are substantive. A would have to
consider the factors in illustration 14 (for example,
purpose and design of the option instrument) to
assess whether the options provide A with power
over D.

示例33.2
• A、B、C分别拥有D 40%、30%、30%的表决股份；
• A还拥有看涨期权，该选择权：
• 可以随时以股票的公允价值计价行使；且
• 如果行使，将给予A额外20%的D的表决权，且B和C各自的股份将减少至20%。
以下图表说明了这种协定：
10%的看涨期权 10%的看涨期权
A B C
30%
40% 30%
D
看涨期权可以公允价值行使。就这点而论，它们不处可随时行使的潜在表决权的存在给予A掌控D的财务及
于行权价低于市场价也不处于价外。A必须考虑图例7 运营政策的权力。因此，D是A的子公司。
中的其它因素以确定该选择权是否实质性的。
如果该选择权是实质性的，A必须考虑图例14中的因
素（例如，选择权工具的目的和计划）以评估其是否
能给予A控制D的权力。
示例33.3
• A、B、C分别拥有D 33%的表决股份；
• A、B、C各自有权指定D董事会的两名董事；
• A 拥有随时以固定价格行使的看涨期权，且如果行使该选择权，将给予所有 D的表
决权；
• 即使B和C不照A的方式进行表决，A的管理层不打算行使看涨期权；
• 该选择权在发行日和报告日均处于行权价低于市场价。
33%的看涨期权 33%的看涨期权
A B C
33%
33% 33%
D
看涨期权似乎是实质性权利，因为它们处于行权价低在评估A是否控制D时不得考虑A管理层的意图。潜在
于市场价，且不存在其它抵消因素。除非管理层的意表决股份的存在以及主体A有能力行使选择权从而获
图是由障碍或其它实践困难所引起，该意图不会影响得D的控制表明D是A的子公司。
评估该选择权是否是实质性的（参见图例7）。
如果该选择权是实质性的，A必须考虑图例14中的因
素（例如，选择权工具的设定目的和计划）以评估其
是否能给予A控制D的权力。

Structured entities identification characteristic for
structured entities. This suggests that a
34. Voting rights may not have a significant subset of former SPEs may qualify to
effect on an investee’s returns. For be classified as ‘structured entities’. ‘Auto-
example, voting rights might relate pilot’ entities under SIC 12 are a key
to administrative tasks only and candidate for classification as ‘structured
contractual arrangements dictate entities’.
how the investee should carry out its
activities (IFRS 10.B17). These entities
are described as ‘structured entities’ 35. All substantive powers in such entities
(IFRS 12.B21). may appear to have been surrendered
to contracts that impose rigid control
PwC observation: Previously, SIC 12 over the entities’ activities. None of
used the term ‘special purpose entities’ the parties may appear to have power.
(SPEs) to mean those entities that are However, entities may be indirectly
created to accomplish a narrow and controlled by one of the parties
well-defined objective, and stipulated involved. Further analysis is required
separate consolidation criteria for to determine if there is a party with
these entities. This term is no longer control.
used under IFRS 10. However, IFRS 36. An investor should consider the
12.B22(b) indicates that a narrow and following factors when determining
well-defined objective may be an whether it has power:
(a) Is investor exposed to downside risks and upside potential that investee was designed
to create and pass on (IFRS 10.B8)?
(b) Is investor involved in the design of the investee at inception (IFRS 10.B51) (para 37)?
Do the terms of decisions made at investee’s inception provide the investor with rights
Indicator of investor power

that provide power (IFRS 10.B51)?
(c) Do contractual arrangements established at inception provide investor with rights over
closely-related activities (IFRS 10.B52) (para 38)?
Yes
(d) Does investor hold rights over relevant activities that arise only upon the occurrence of
contingent events (IFRS 10.B53) (para 40)?
(e) Does investor have a commitment to ensure that investee operates as designed (IFRS
10.B54) (para 41)?
(f) Do other factors (illustration 6) indicate that investor has power (IFRS 10.B17)?
Illustration 18: Structured entity considerations
Items (b)-(e) are discussed in further detail below.

结构性主体 35. 在这类主体的所有实质性权力似乎已让
度予某些合同，而这些合同对主体的活
34. 表决权也许不会对被投资方的报酬产生动强加了硬性的控制条件。表面上，任
重大影响。比如，表决权也许只与行政管何一方似乎均不拥有权力。但主体也许
理工作有关，而被投资方如何开展其经是被有关方之一间接控制，需要进一步
营活动已被合同另作安排（ I F R S 10 第作分析以确定是否存在控制方。
B17段）。这些主体被认定为“结构性主
体”（IFR S 12第B21段）。 36. 投资方在确定自己是否拥有权力时应考
虑下列因素：
普华永道的评论：以前SIC 12使用术语“特
殊目的主体”（SPE）意指那些设立来完成
一个狭隘及明确目标的主体，并为这些主体
规定了单独的合并准则。该条术语在IFR S
10下已不再使用，但IFRS 12第B22（b）段
中指出，持有狭隘及明确目标也许是结构
性主体的一鉴别特征。这就表明部分的特
殊目的主体也许能够符合“结构性主体”的
定义。SIC 12下的“自动导航”主体是符合
“结构性主体”分类的关键候选人。
（a）投资方暴露于被投资方因设计而产生以及转移的下行风险和上行潜能？
（IFRS 10第B8段）
（b）投资方参与设计被投资方的设立？（IFRS 10第B51段）（第37段）？
被投资方初期决策条款为投资方提供了赋予权力的权利？（IFRS 10第B51段）
投资方权力指标
（c）设立初期的合同安排为投资方提供了针对紧密相关的活动的权利？（IFRS 10第B52
段）（第38段）
是
（d）投资方持有因或有事项而引起的相关活动的权利？（IFRS 10第B53段）（第40段）
（e）投资方承诺保证被投资方按设计经营？（IFRS 10第B54段）（第41段）
（f）有其它因素（图例6）表明投资方拥有权力？（IFRS 10第B17段）
图解18：结构性主体考虑因素
第（b）到（e）项在下文中详细讨论。

Involvement and decisions made 39. When these contractual
at the investee’s inception as part arrangements involve activities
of its design that are closely related to the
investee, these are considered
37. IFRS 10.B51 requires a consideration relevant activities. This is true even
of the involvement of various if the activities do not occur within
participants in the design of the structured entity itself but in
the investee at inception. Such another entity. Example 41.1
involvement, by itself, is not sufficient illustrates this.
to demonstrate control. However,
participants who were involved in Rights to direct relevant activities
the design may have the opportunity that arise upon the occurrence of
to obtain powerful rights. Decisions certain events
made at the investee’s inception
should be evaluated to determine 40. IFRS 10.B53 requires consideration
whether the transaction terms provide of decision rights that take effect
any participant with rights that are only when particular circumstances
sufficient to constitute power. arise or events occur. An investor
with these rights can have power
even if those circumstances have not
Contractual arrangements established
yet arisen.
at investee’s inception
38. The structured entity is often governed
Commitment to ensure that investee
not only by its constitution documents operates as designed
but by contracts that bind the 41. Such an explicit or implicit
structured entity to its original purpose. commitment by an investor may
These include call rights, increase exposure to variability of
put rights, liquidation rights and other returns and heighten the likelihood of
contractual arrangements that may control. However, on its own, this factor
provide investors with power. For is insufficient to demonstrate power
example, the put right in example or prevent other parties from having
41.1 ensures that the structured power (IFRS 10.B54).
entity only needs to collect and pass on
principal and interest, and provides The following example from IFRS 10
X with the power to manage illustrates the above principles.
defaulted receivables.

参与及决策被投资方的初期设立为其设指导因特定事项的出现而引发的相关活
计的一部分动的权利
37. IFRS 10第B51段要求考虑被投资方初期 40. IFRS 10第B53段要求考虑仅在特定事项
设立中的各种参与者的参与。这类参与本出现或事件发生时起作用的决策权。即
身并不足以证明存在控制，但与初期设立使这些情况并未出现，拥有这些权利的
有关的投资参与者可能有机会获得较大投资方可能具有权力。
的权利。应对被投资方初期所作的决策进
行评估以确定交易条款是否为任何投资承诺保证被投资方按设计经营
参与者提供了足以构成权力的权利。
41. 投资方做出的这些明确或含蓄的承诺可
能会放大报酬可变的风险敞口，从而提
被投资方初期设立的合同安排
高控制的可能性。不过该因素自身并不足
38. 结构性主体按其章程以及约束自身履行以证明存在控制或阻止其它方拥有控制
其原定设立目的的合同规定进行规范，这（IFRS 10第B54段）。
包括看涨期权、看跌期权、清算权及其它
可能为投资方提供权力的合同安排。比下列IFRS 10中的示例阐明了以上原则。
如，示例41.1中的看跌期权规范了结构
性主体只需收取和转移本金及利息，并
为X提供管理拖欠应收账款的权力。
39. 当这些合同安排涉及与被投资方紧密相

关的活动时，即使该活动在此结构性主
体内并未发生，而是发生其它主体中，则
这些活动是为“相关活动”。示例41.1阐
明了这点。

Example 41.1
• An investee’s only business activity is to purchase receivables and service them on a
day-to-day basis.
• Servicing involves collection and passing on of principal and interest payments.
• Upon default, the investee automatically puts the receivable to investor X as agreed
separately in a put agreement with investor X.
Default of receivable
Receivables owned by investee Receivables owned by X
Activity 1:
Servicing receivables – collect and pass Activity 2:
on principal and interest Collecting on defaulted receivables
Investee’s responsibility Investor X’s responsibility
Illustration 19: Structured entities – example 41.1
Does investor X have power over the investee?

Solution
Yes.
• The only activity that significantly affects the investee’s returns is managing the
receivables upon default.
• Servicing receivables before default is not a relevant activity. The actions are pre-
determined and do not require substantive decisions that affect returns.
• Investor X controls the only relevant activity and therefore it has power over the
investee.
This example demonstrates three additional points. For structured entities, the
consolidation analysis is not affected by the following:
• X can only exercise its power upon a contingent event (that is, default).
This is because a default is the only time when decisions are required. X can decide when
decisions are needed, and therefore it has power, even though it may not be able to make
decisions immediately (IFRS 10.B53).
• X’s power arises only from a side contract (the put agreement) rather than the
incorporation documents of the investee.
The put agreement is integral to the overall transaction and the establishment of the
investee and as such should be considered (IFRS 10.B52).
• Management of defaulted receivables takes place within X and not the investee –
that is, X owns the defaulted receivables that it manages, not the investee.

示例41.1
• 被投资方唯一的业务活动是购买应收账款，并对其进行日常管理；
• 提供的日常管理包括收取和转移本金和利息款项；
• 一旦有拖欠，按与投资方X单独签定的卖出协议，被投资方自动将应收账款卖予投资
方X。
应收账款拖欠
被投资方持有的应收账款 X持有的应收账款
活动1：
为应收账款提供服务—收取和转移本金活动2:
和利息收取拖欠的应收账款
被投资方的职责投资方X的职责
图解19：结构性主体—示例41.1
投资方X对被投资方拥有控制吗？
解答
是的。
• 对被投资方报酬造成重大影响的唯一活动是发生拖欠时对应收账款的管理；
• 拖欠前应收账款的服务并非相关活动。该活动是提前确定的，不需要可影响报酬的实
质性决策；
• 投资方X控制着唯一的相关活动，因此X对被投资方拥有控制。
本例还证明了另外3点。对结构性主体来说，合并结论不受下列因素影响：
• 只有发生或有事项（即拖欠）时，X才能行使其自身的权力；
这是因为只有拖欠时才需要决策。即使 X不能立即做出决策，它可决定需要决策的时间，因此 X
（IFRS 10第B53段）；
具有控制，
• X的权力只产生于协议附件（卖出协议），而不是被投资方的章程。
卖出协议是总体交易以及设立被投资方的必要组成部分，应予以考虑（IFR S 10第B52段）。
• 拖欠应收账款的管理发生在X，而不是被投资方的范围内，即，是 X持有其管理的该拖
欠应收账款，而不是被投资方所持有。

Variable returns Link between power
Control
and returns –
Power
affect returns
Variable returns principal vs. agent
Control
Power Variable returns
42. Variable returns are defined as returns affect returns
that are not fixed and have the potential

to vary as a result of the performance
of an investee. They can be positive, 45. An agent is a party engaged to act on
negative or both (IFRS 10.B56). behalf of another party (the principal).
A principal may delegate some of its
43. A wide variety of possible returns are decision authority over the investee
identified in IFRS 10, ranging from to the agent, but the agent does not
traditional dividends and interest to control the investee when it exercises
servicing fees, changes in the fair value such powers on behalf of the principal
of an investment, exposures arising (IFRS 10.B58). The decision-making
from credit or liquidity support, tax rights of the agent should be treated as
benefits, access to future liquidity, being held by the principal directly in
economies of scale, cost savings and assessing control. Power resides with
gaining proprietary knowledge (IFRS the principal rather than the agent
10.B57). (IFRS 10.B59).
44. Variability is assessed based on 46. The overall relationship between the
the substance of the arrangement decision-maker and other parties
regardless of legal form. For example, involved with the investee must be
contractually-fixed interest payments assessed to determine whether the
could be highly variable if credit risk is decision-maker acts as an agent.
high. Asset management fees that are The standard sets out a number of
contractually fixed could nevertheless specific factors to consider; several are
be subject to variability if the investee determinative, but the majority are
has a high risk of non-performance judgemental and need to be considered
(IFRS 10.B56). together in assessing the overall
relationship.

可变动报酬控制与报酬之间的联系—委
控制托人vs.代理人
控制
42. 可变动报酬定义为不固定的、及会随着

被投资方业绩而变化的报酬。该报酬可以
是正数及/或负数（IFRS 10第B56段）。 45. 代理人是代表另一方（委托人）行事的第
三方。委托人可能将其某些对被投资方
43. IFRS 10中对各种可能的报酬进行了识别，的控制授予代理人，但在代理人代表委
从传统的股息、利息到服务费、对外投资托人行使该权力时，代理人并不对被投资
公允价值的变化、信贷或流动性支持造方具有控制（IFRS 10第B58段）。在进行
成的风险敞口、税收优惠、获得未来流动控制评估时，代理人的决策权应视作由
性、规模经济、成本节约及获得专利知识委托人直接持有。控制属于委托人而非
等（IFRS 10第B57段）。代理人（IFRS 10第B59段）。
44. 可变性在合同安排的内容基础上进行评 46. 必须对决策者与被投资方有关的第三方

估，而与其法律形式无关。例如，如果信之间的总体关系进行评估以确定决策者
贷风险很高，则合同固定的利息支付可能是否充当了代理人的角色。准则列出了若
有很大变化。如果被投资方具有不履约干具体要考虑的因素；有几个是决定性因
的高风险，则合同固定的资产管理费仍会素，但大多数是判断性的因素，在评估总
受此可变性的影响（IFRS 10第B56段）。体关系时应同时考虑。

Definitive considerations
Does any single party have the ability to remove the decision Yes
Agent
maker without cause (IFRS 10.B65)?
No
Is the decision maker’s remuneration commensurate with his No

skill level (IFRS 10.B69-B70)?
Yes Principal
Does the remuneration agreement include only terms, conditions and No
amounts that are customarily present in arm’s-length contracts for similar
services (IFRS 10.B69-B70)?
Yes

Judgemental considerations
Scope of decision-maker’s authority over investee

Consider: Greater
scope
Decision-maker’s discretion over activities permitted by contracts/law (IFRS 10.B62)
Purpose and design of investee (IFRS 10.B63)
Decision-maker’s involvement in design of investee (IFRS 10.B63)
More likely to be principal

Rights held by other parties (IFRS 10.B64-B67) Greater
Consider: rights
Number of parties required to act together to remove decision maker
Remuneration of decision-maker Larger/more

Consider: variable
remuneration
Magnitude/variability of decision-maker’s remuneration (IFRS 10.B68)
Decision maker’s exposure to variability of returns from other interests in the investee
(IFRS 10.B71-B72)
Consider: Larger
exposure
Magnitude/variability of decision-maker’s total economic interests
Whether decision-maker’s exposure differs from other investors

(e.g. subordinated interests)
Different weightings should be applied to each of the factors based on facts and circumstances.
Illustration 20: Assessment of whether decision maker is principal or agent

决定性考虑因素
是
任何单独一方可以无理由的撤职决策者（IFRS 10第B65段）？代理人
决策者的薪酬与其能力水平相称（IFRS 10第B69-B70段）？否
是委托人
薪酬协议包括了类似服务的公平合同中惯有的条款、条件及金额（IFRS 10第否
B69-B70段）？

判断性考虑因素
决策者对被投资方的职权范围
考虑：更大范围
决策者对合同/法律允许的活动的处理权（IFRS 10第B62段）
被投资方的设立目的及设计（IFRS 10第B63段）
决策者在被投资方设计中的参与度（IFRS 10第B63段）
更有可能是委托人
其它方持有的权利（IFRS 10第B64-B67段）更大权利
考虑：
要求若干方共同行事以撤职决策者
决策者薪酬更大/更多
考虑：变动薪酬
决策者薪酬的量级/可变动性（IFRS 10第B68段）
决策者在被投资方中的其它权益回报变动的风险敞口（IFRS 10第B71-B72段）
考虑：更大风险
决策者总体经济权益的量级/可变动性敞口
决策者的风险敞口是否与其它投资方不同（例如次级权益）
不同情况下，不同的因素应使用不同的权重。
图解20：决策者是否委托人或代理人的评估

47. IFRS 10.B72 illustrates the above principles with the following examples:
Example 47.1
A fund manager establishes, markets and manages a publicly-traded, regulated fund.
The fund was marketed to investors as an investment in a diversified portfolio of equity
securities of publicly-traded entities.
IFRS 10 Additional facts relevant to assessment of IFRS 10 criteria

criteria
Scope of • Fund manager is subject to narrowly defined parameters set out in the
decision- investment mandate.
maker’s
authority • Within the defined parameters, the fund manager has discretion about the assets in
which to invest.
Rights held by • Investors do not hold any substantive rights that would affect the decision-making
other parties authority of the fund manager, but can redeem their interests within particular limits
set by the fund.
• The fund is not required to establish, and has not established, an independent board
of directors.
Remuneration • A market-based fee equal to 1 per cent of the fund’s net asset value.
of decision-
maker • The fees are commensurate with the services provided.
Decision- • Fund manager has a 10 per cent pro rata investment in the fund.
maker’s
exposure to • Fund manager does not have any obligation to fund losses beyond its 10 per cent
variability investment.
from other • It has been assessed that the fund manager’s remuneration and investment does not
interests create exposure that is of such significance that it indicates that the fund manager is
a principal.
Is the fund manager a principal?
Solution
Consideration of the fund manager’s exposure to variability of returns together with its
restricted decision-making authority indicates that the fund manager is an agent.

47. IFRS 10第B72段对上述原则进行举例说明。
示例47.1
基金经理建立、销售并管理一只公开交易式基金。投资方透过该基金分散投资公开证券主
体的权益。
IFRS 10要求与IFRS 10评估有关的额外情况

决策者职权 • 基金经理受限于投资指令所订定的权限；
范围 • 在划定的权限内，基金经理拥有投资某项资产的处理权。
其它方持有的 • 投资方不持有任何影响基金经理决策职权的实质性权利，但可以在基金设置的特定
权利权限内，赎回其权益；
• 基金并不需要成立，且尚未成立独立董事会。
决策者薪酬 • 市场导向的收费等于基金净资产值的1%；
• 收费与所提供的服务相称。
决策者面临来 • 基金经理拥有该基金10%的投资；
自其它可变动 • 基金经理没有义务为超过其10%的投资的损失弥补亏损；
报酬的风险
• 经评估，基金经理的薪酬及投资没有面临相当重大的风险以显示基金经理是委托人。
基金经理是委托人吗？
解答
考虑到基金经理面临可变动报酬的风险及其有限的决策职权，该基金经理只是代理人。

Example 47.2
A fund manager establishes, markets and manages a fund that provides investment
opportunities to a number of investors. Is the fund manager principal or agent in
examples A-C? These examples are considered in isolation.
IFRS 10
Additional facts relevant to assessment of IFRS 10 criteria
criteria
Scope of Examples A-C
decision- • The fund manager must make decisions in the best interests of all investors and in
maker’s accordance with the fund’s governing agreements.
authority • Despite this, the fund manager has extensive decision-making authority to direct the
relevant activities of the fund.
Rights held Example A

by other The investors can remove the fund manager by a simple majority vote, but only for breach
parties of contract.
Example B
Same as example A.
Example C
• The fund has a board of directors comprised entirely of directors that are independent
of the fund manager.
• The board appoints the fund manager annually.
• The services performed by the fund manager could be performed by other fund
managers.
Remuneration Examples A-C

of decision- • A market-based fee of
maker – 1% of assets under management; and
– 20% of profits if a specified profit level is achieved.
• Fees are commensurate with services provided.
• The remuneration is intended to align the interests of the fund manager with those of
the other investors.
• It is assessed that the remuneration, on its own, does not create sufficient exposure to
variability of returns for the fund manager to be a principal.
Decision- Example A
maker’s • The fund manager also has a 2% investment in the fund that aligns its interests with
exposure to those of the other investors.
variability • The fund manager does not have any obligation to fund losses beyond its 2%
from other investment.
interests Example B
• The fund manager has a more substantial pro rata investment in the fund.
• The fund manager does not have any obligation to fund losses beyond that investment.
Example C
• The fund manager has a 20 per cent pro rata investment in the fund.
• The fund manager does not have any obligation to fund losses beyond its
20% investment.
Solution
Example A The fund manager is an agent.
• The market-based fee of 1% of assets and 20% of profits, as well as the 2%
investment does not create sufficient exposure for the fund manager to be a principal.
• The other investors’ rights to remove the fund manager are protective as they are
exercisable only for breach of contract.
Example B It depends on the amount of the fund manager’s investment in the fund.
• For example, a 20% investment may be sufficient to conclude that the fund manager is
principal.
• The amount of exposure that will result in principal classification will change in different
circumstances (for example, if the remuneration is different).
• The other investors’ rights to remove the fund manager are protective, as in example A.
Example C The fund manager is an agent. The investors have substantive rights to remove the fund
manager, and the board of directors provides a mechanism to exercise these rights.

示例47.2
基金经理建立、销售并管理一只为若干投资方提供投资机会的基金。在示例A-C中，该基金
经理是委托人，还是代理人？以下示例单独进行考虑。

决策者职权示例A-C
范围 • 基金经理以所有投资方的利益最大化以及按照基金管理协议的规定进行决策；
• 除此之外，基金经理拥广泛的决策职权以指导基金的相关活动。
其它方持有的示例A
权利如基金经理违反合同规定时，投资方可按多数票解雇该基金经理。
示例B
与示例A相同。
示例C
• 基金有董事会，其董事均独立于基金经理；
• 董事会每年委派基金经理；
• 基金经理履行的服务也可由其他基金经理代为履行。
决策者薪酬示例A-C
• 市场导向的收费为
– 管理资产的1%；及
– 达到特定盈利水平时，利润的20%。
• 费用与所提供的服务相称；
• 决策者薪酬旨在将基金经理和其他投资方的益调整一致；
• 薪酬本身并不能为基金经理体现作为委托人所具备的可变权益回报。
决策者面临来示例A
自其它可变动 • 基金经理还拥有该基金2%的投资，可将基金经理和其他投资方的利益调和一致；
报酬的风险
• 基金经理没有任何责任为超过其2%的投资的损失弥补亏损。
示例B
• 基金经理持有该基金更大比例的投资；
• 基金经理没有任何责任为超过投资比例的损失弥补亏损。
示例C
• 基金经理还拥有该基金20%的投资；
• 基金经理没有任何责任为超过其20%的投资的损失弥补亏损。
解答
示例A 基金经理为代理人。
• 市场导向收费为资产的1%和利润的20%，并且2%的投资不能为作为委托人的基金经
理造成足够的风险敞口；
• 其他投资方解雇基金经理的权利仅在基金经理违反合同规定时方能行使，因此是保护
性权利。
示例B 取决于基金经理在该基金中的投资金额。
• 例如，20%的投资也许足以确定该基金经理为委托人；
• 在不同情况下，体现不同可变权益回报会影响委托人分类（例如，当薪酬不同时）；
• 如示例A，其他投资方解雇基金经理的权利是保护性。
示例C 基金经理是代理人。投资方拥有实质权利解雇基金经理，以及董事会提供了行使这些权利
的机制。

Example 47.3
Investmentbank
Investment bank Investmentbank
Investment bank
Investment
Investment bank
Widely-dispersed
bank Investment bank
Widely-dispersed
Investment bank
Asset manager
equity investors debt investors
35% equity 65% equity Fixed-rate debt
Investee
• Created to purchase a portfolio of fixed rate asset-backed securities (ABS).
• Equity instruments absorb losses and are entitled to residual returns.
• Equity instruments represent 10% of asset value at formation.
• Debt was marketed as an investment in ABS with interest rate and credit risks.
Illustration 21: Principal-agent analysis – example 47.3
IFRS 10 criteria Additional facts relevant to assessment of IFRS 10 criteria

Scope of The asset manager manages the active asset portfolio by making investment
decision-maker’s decisions within the parameters set out in the investee’s prospectus.
authority
Rights held by • The asset manager can be removed, without cause, by a simple majority
other parties decision of the other investors.
• The other equity and debt investors comprise of a large number of widely-
dispersed, unrelated third party investors.
Remuneration of • The asset manager receives fees of:
decision-maker – 1% of assets under management; and
– 10% of profits if profits exceed a specified level.
• The fees are market-based and are commensurate with services provided.
• The remuneration aligns the interests of the fund manager with those of other
investors.
Decision-maker’s The asset manager holds 35% of equity in the investee.
exposure to
variability from
other interests
Is the asset manager a principal?
Solution
The asset manager is a principal and thus has control.
• Holding 35% of the equity, in addition to the exposure provided by the fees, provides
sufficient variability for the asset manager to be classified as a principal.
• The right to remove the asset manager without cause receives lower emphasis in this
example, as this right is not easily-exercisable, requiring the concerted effort of a
large number of widely-dispersed investors.

示例47.3
Investmentbank
Investment bank Investmentbank
Investment bank
Investment
Investment bank
bank Investment
Investment bank
bank
资产管理者分散股权投资者分散债权投资者
35%权益 65%权益定息债券
被投资方
• 成立的目的是购买定息资产抵押证券（ABS）投资组合；
• 股权投资承担损失且获得剩余收益；
• 股权投资相当于形成时资产值的10%；
• 债权作为ABS中的一项投资，具有利率及信贷风险。
图解21：委托人—代理人分析——示例47.3

决策者职权范围资产管理者根据招股书所订定的权限管理活跃资产组合。
其它方持有的权利 • 资产管理者可无理由地被其他投资方以多数票决定免职；
• 大部份其他权益及债权投资方为分散且无关联的第三方投资方。
决策者薪酬 • 资产管理者收费：
– 管理资产的1%；以及
– 利润的10％（如超过规定利润水平）。
• 费用为市场导向，并与所提供服务相称；
• 薪酬将基金经理和其他投资人的利益调整一致。
决策者面临来自资产管理者持有被投资方35%的权益。
其它可变动报酬
的风险
该资产管理者是委托人吗？
解答
该资产管理人是委托人并且有控制。
• 除获取薪酬外，持有35%的股权为要划分为委托人的资产管理者提供了充分的可变性；
• 在本例中，因为要集合众多分散投资方，才能不用理由地免去资产管理者职务，投资方
行使该项权利并不容易，所以这不是重点。

Example 47.4
A decision-maker (the sponsor) sponsors a multi-seller conduit (MSC):
Investment bank
Investment bank Investment bank
Investment bank Investment
Unrelated
Investment bank
third-
bank
Investment bank
Transferors Investment
Sponsor bank Investment bank
party investors
• Sell high-quality • See additional • Invest in short-term

medium-term assets information below debt, which has been
• Manage defaulted marketed as having
receivables for minimal credit risk
market-based fee
• Provide first loss
protection against credit
losses through over-
collateralisation
of transferred assets
Multi-seller conduit (MSC)

Illustration 22: Principal-agent analysis – example 47.4
IFRS 10 criteria Additional facts relevant to assessment of IFRS 10 criteria

Scope of • The sponsor establishes the terms of the MSC.
decision- • The sponsor:
maker’s – manages the operations of the MSC;
authority – approves the transferors permitted to sell to the MSC;
– approves the assets to be purchased by the MSC; and
– makes decisions about the funding of the MSC.
• The sponsor must act in the best interests of all investors.
Rights held by The investors do not hold substantive rights that could affect the decision-making
other parties authority of the sponsor.
Remuneration of Sponsor receives a market-based fee that is commensurate with the services
decision-maker provided.
Decision- • Sponsor is entitled to residual return of the MSC.
maker’s • Sponsor provides credit enhancement, which absorbs losses of up to 5% of all
exposure to of the MSC’s assets, after losses are absorbed by the transferors.
variability from • Sponsor provides liquidity facilities to the MSC. Liquidity facilities are not
other interests advanced against defaulted assets.
Is the sponsor a principal?

Solution
The sponsor appears to be a principal and thus has control.
• Sponsor’s exposure to variability of returns is significant, arising from both the
sponsor’s entitlement to residual returns and the credit enhancement and liquidity
facilities it provides. The exposure to liquidity risk is exacerbated by the fact that
MSC uses short-term debt to fund medium-term assets.
• Sponsor has extensive authority over those decisions such as transferor selection,
asset selection, and funding, which are likely to be the activities that most
significantly affect the MSC’s returns.
The obligation to act in the best interest of all investors does not prevent the sponsor
from being a principal.

示例47.4
决策者（发起人）发起“多卖方融通结构”（MSC）：
Investment bank
Investment bank
Investment
转让人 bank Investment
发起人 bank Investment bank
无关联的第三方投资人
• 出售优质中期资产 • 更多信息参见下文 • 投资短期债权，而

• 管理拖欠的应收账该投资被推广具有
款，市场导向收费最小信贷风险已
• 通过转让资产超额
提供抵押，针对信
贷损失提供第一损
失保护
多卖方融通结构（MSC）
图解22：委托人—代理人分析—示例47.4

决策者职权范围 • 发起人建立MSC条款；
• 发起人负责下列事项：
– 管理MSC的运营；
– 批准许可的转让人向MSC进行出售；
– 批准MSC要购买的资产；并且
– 做出MSC筹资决策。
• 发起人的行动必须以优化所有投资方的利益为出发点。
其它方持有的投资人不具有能够影响发起人决策职权的实质权利。
权利
决策者薪酬发起人收取市场导向的费用，该费用与所提供服务相称。
决策者面临来自 • 发起人可获得MSC的剩余收益；
其它可变动权益 • 在转让人吸收损失后，发起人提供强化信贷措施，可吸收高达所有MSC资产5%
回报的风险的损失；
• 发起人为MSC提供流动性融通。对违约资产，流动性融通不能提前进行。
该发起人是委托人吗？
解答
该发起人看起来似乎是委托人，且拥有控制。
• 发起人有足够的收益可变风险敞口，该敞口由发起人获得剩余收益的权利和强化的信
贷措施而引起，并且还提供了流动性融通。流动性风险敞口会因MSC使用短期债权为
中期资产筹资而扩大。
• 发起人有广泛的决策权，如转让人的选择、资产的选择筹资等对MSC收益最有影响的
活动。
按所有投资人的利益最大化行事的义务并不防碍发起人作为委托人。

Other issues the de facto agent when assessing
control of the investee
(IFRS 10.B74).
48. Three further issues are addressed by
IFRS 10: Silos
(a) Determining whether the investor is
a ‘de facto agent’; 52. Specified assets of an investee are
(b) Determining whether an investor deemed to be a separate entity for
who has power over specified assets accounting purposes (a ‘silo’) when,
of an investee must regard those in substance:
assets as a separate entity. IFRS 10 (a) the specified assets and related
uses the term ‘silo’ to denote such credit enhancements, if any, are
an entity that has been ring-fenced the only source of payment for
for accounting purposes; and the investor’s interest in the
(c) Frequency of reassessment with investee; and
regards to whether an investor has (b) parties other than the investor do
control over an investee. not have rights or obligations over
the specified assets and the cash
De facto agent flows from those assets.
49. An agent need not be bound to the 53. If assets constitute a silo, the investor
principal by a contract. IFRS 10 uses must then determine whether it can
the term ‘de facto agents’ to describe control the silo (IFRS 10.B78) based on
agents who may be acting on behalf the IFRS 10 criteria.
of principals even when there is no
54. The silos that meet the above conditions
contractual arrangement in place.
are excluded from consolidation
Identification of such relationships is
if another investor controls and
expected to be highly judgemental.
consolidates the entity that contains the
Consideration should be given to the
silos (IFRS 10.B79).
nature of relationships between the
investor and various parties and how Frequency of reassessment
they interact with each other (IFRS
10.B73). 55. Reassessment of control is required
if facts and circumstances indicate
50. The standard identifies a number changes to the elements of control
of possible de facto agent/principal (IFRS 10.B80).
relationships including:
(a) IAS 24 related parties of the 56. IFRS 10 highlights that control can
principal; change when:
(b) parties that received interests in the (a) decision-making mechanisms
investee as a contribution or loan change (for example, change from
from the principal; a substantive voting system to an
(c) parties that agreed not to sell, ‘auto-pilot’ mechanism)
transfer or encumber their interests (IFRS 10.B81);
in the investee without the (b) events occur, even if they do not
principal’s approval; involve the investor (for example,
(d) parties that cannot finance lapse of decision-making rights by
operations without subordinated another party) (IFRS 10.B82);
financial support from the (c) an investor’s exposure or rights to
principal; variable returns change
(e) parties that have largely similar (IFRS 10.B83); and
governing body members or key (d) the relationship between an agent
management personnel as the and a principal changes (IFRS
principal; and 10.B84).
(f) parties that have close business However, a change in market
relationships with the principal. conditions on its own will not result
in a reassessment of control unless it
51. An investor with a de facto agent should
changes one of the three elements of
consider the de facto agent’s decision-
control (IFRS 10.B85).
making rights, as well as its indirect
exposure to variable returns through

其它问题主体中的独立主体（silo）
48. IFRS 10还提到三个问题。 52. 在下列情况下，出于会计目的，被投资方的

特定资产，被认定为独立主体（silo）：
(a) 判定投资方是否“实际代理人”；
(b) 判定是否对被投资方规定资产拥有 (a) 特定资产和相关信贷提升（如有）是投
控制的投资方必须认定这些资产为独资方在被投资方中的唯一支付来源；
立主体。I F R S 10 使用术语“主体中 (b) 投资方以外的各方对特定资产及该资
的独立主体（s i l o）”来表示这类出产的现金流不具有任何控制或责任。
于会计目的已隔离的主体；以及
53. 若某资产（组）构成独立主体，投资人必
(c) 评估是否对被投资方拥有控制的频率。须判定其是否可以在IFRS 10的基础上控
制此独立主体（IFRS 10第B78段）。
实际代理人
54. 若另一投资方控制主体并包含该独立主
49. 代理人无需用合同与委托人约束在一体，并将该主体进行合并，倘独立主体满
起。I F R S 10 使用术语“实际代理人”说足上述条件则不应被合并。
明即使缺乏合同安排，代理人也可代表委
托人行事。可以想象，要识别这种关系是重新评估的频率
需要高度判断的。应考虑投资方与各方之
间关系的性质以及两者如何互动（I F R S 55. 如果事实证明控制因素有所变化，则要求
10第B73段）。重新评估控制（IFRS 10第B80段）。
50. 准则认定若干可能出现的实际代理人/委 56. I F R S 10强调，在下列情况下，控制可能

托人关系，包括：发生变化：
(a) 《国际会计准则》第24号（I AS 24） (a) 决策机制改变（例如，从实质性投

中的委托人关联方；票表决机制变为“自动导航”机制）
(b) 因委托人出资或贷款而收到被投资（IFRS 10第B81段）；
方权益的各方； (b) 即使该事件不涉及投资方，某些事件
(c) 未经委托人同意，同意不出售、转让的出现（例如，其它方决策权失效）
或妨碍被投资方权益的各方；（IFRS 10第B82段）；
(d) 若无委托人财政支持，则不能负担经 (c) 投资方的可变回报风险敞口及权利改
营经费的各方；变（IFRS 10第B83段）；以及
(e) 有非常类似的主管部门成员或关键 (d) 代理人与委托人之间的关系改变
管理人员作为委托人的各方；（IFRS 10第B84段）。
(f ) 与委托人具有紧密业务联系的各方。但是，除非市场状况的变化改变了三个控
制因素之其一，否则，市场状况自身的变
51. 作为实际代理人的投资方在评估对对被化不会导致控制需要重新评估（IFRS 10
投资方是否存在控制时，应考虑实际代理第B85段）。
人的决策权及其面临可变动报酬的风险
（IFRS 10第B74段）。

62. IFRS 12 disclosures only apply to
Accounting requirements involvements that meet the definition
of ‘interests in’ another entity. IFRS 12
57. The accounting for consolidation has
provides detailed guidance on what is
remained largely consistent with the
meant by ‘interests in’ another entity.
existing IAS 27 guidance.
This question takes on particular
58. Additional guidance has been provided relevance with regards to disclosures
in respect of potential voting rights. for unconsolidated structured entities
IFRS 10 specifies that allocation as it determines the scope of such
of profits and assets to the parent disclosures. For example, do banks
company and non-controlling interests have to make those disclosures for swap
for consolidation purposes is usually customers that are structured entities?
based on present ownership interests.
63. IFRS 12 defines ‘interest in another
However, where potential voting rights
entity’ as an involvement that:
or other derivatives, in substance,
• can be contractual or non-
give access to the economic benefits
contractual;
associated with an ownership interest,
• exposes an entity to variability of
the allocation of profits and assets is
returns from the performance of
determined by taking into account the
the other entity;
eventual exercise of those potential
• examples include:
voting rights and derivatives. Such
– equity or debt holdings;
potential voting rights and derivatives
– provision of funding;
are not accounted for using either
– liquidity support;
IAS 39 or IFRS 9.
– credit enhancement;
– guarantees;
Disclosures • includes control, joint control or
significant influence; and
59. The disclosure requirements for
• does not arise solely because
subsidiaries are not spelt out in IFRS 10
of a typical customer-supplier
itself; they are in IFRS 12 ‘Disclosure of
relationship.
interests in other entities’.
64. The purpose and design of a structured
General objective of IFRS 12 entity should be considered in making
60. The objective of IFRS 12 is to disclose a judgement as to when a relationship
information that helps financial represents an ‘interest’ (IFRS 12.B7).
statement readers to evaluate the 65. Only instruments that absorb variability
nature, risks and financial effects of returns from the investee qualify as
associated with the entity’s interests ‘interests’ (IFRS 12.B8). Instruments
in subsidiaries, associates, joint that transfer risk to the investee create
arrangements and unconsolidated variability for the investee but do not
structured entities (IFRS 12.1). typically expose the reporting entity
Reporting entities should disclose any to variability (IFRS 12.B9). Such
information that is necessary to meet instruments do not qualify as ‘interests’.
this objective (IFRS 12.3). The following examples from IFRS
12.B8 and B9 illustrate this.
Scope of disclosures
61. IFRS 12 applies to interests in
subsidiaries, joint arrangements,
associates and unconsolidated
structured entities. This practical guide
sets out disclosures for subsidiaries and
unconsolidated structured entities.

会计要求就“对其它主体的投资”的含义提供了详
细的指导。这个问题与未合并的结构化主
57. 合并会计处理与现行IAS 27基本一致。体的披露信息有特别联系，因为它确定了
这类披露的范围。例如，银行是否披露针
58. 针对潜在表决权，提供了有关的额外指对掉期客户而作的结构化主体的信息？
导。IFRS 10规定了在合并时给母公司及
非控制性权益的利润和资产分配通常是 63. IFR S 12定义“对其它主体的投资”为一
建立在现有所有权权益的基础上。但是，项投资参与：
如果潜在表决权或其它衍生工具在实质
• 该投资参与可以是合约或非合约形
上带来与所有权权益相关的经济利益，
式的；
那么利润和资产的分配就可通过考虑该
潜在表决权及衍生工具的最终使用来确 • 该投资参与使主体有在其它主体体
定。这类潜在表决权和衍生工具并未属现业绩回报可变；
于IAS 39或IFRS 9的范畴。 • 实例包括：
– 持有权益或债权投资；
– 提供筹资；
披露 – 流动性支持；
– 加强信贷措施；
59. 子公司的披露要求未在IFRS 10体现，而 – 提供担保；
在《国际财务报告准则》第12 号（I F R S
• 该投资参与包括控制、共同控制或
12）“其它主体的权益披露”中阐明。
重大影响；以及
IFRS 12的一般目标 • 该投资参与不只是因为存在典型的
客户—供应商的关系而产生。
60. I FRS 12的目标是信息披露，这些信息可
帮助财务报表的使用者评价主体在子公 64. 对某关系是否代表“ 对其他主体的投
司、联营企业、合营安排及未合并的结构资”作判断时，应考虑结构化主体的设立
化主体中的权益的性质、风险及财务影响目的和设计（IFRS 12第B7段）。
（IFRS 12第1段）。报告主体应该披露能达
65. 只有承担被投资方的可变动回报的工具
到此目标的任何信息（IFRS 12第3段）。
方可作为“对其他主体的投资”（I F R S
12第B 8 段）。将风险传移给被投资方的
披露范围工具所造成被投资方的可变性，但通常
61. I F R S 12适用于子公司、合营安排、联营不会使报告主体体现可变性（IFRS 12第
企业及未合并的结构性主体中的权益。 B9段）。这类工具不是“对其他主体的投
此实务指南阐明子公司和未合并的结构资”。下列来自IFRS 12第B8段和第B9段
化主体的披露信息。中的示例阐明了此观点。
62. IF R S 12披露信息仅适用于满足定义为

“对其它主体的投资”的参与。IFR S 12

Example 65.1
• A structured entity holds a loan portfolio.

• The structured entity obtains a credit default swap from the reporting entity to
protect itself from the default risk.
Does the reporting entity have an ‘interest’ in the structured entity?
Solution
The reporting entity has involvement that exposes it to variability of returns from the
performance of the structured entity because the credit default swap absorbs variability
of returns of the structured entity.

Example 65.2
The following structured entity was set up to provide investment opportunities to
investors.
Swap
counterparty
Credit default swap (CDS) to transfer
Z’s credit risk to structured entity Fee
Proceeds Proceeds
Investors Structured entity Risk-free debtors
Notes linked to credit Risk-free notes
risk of third party (Z)
Illustration 23: Identifying ‘interest’ in an entity - example 65.2
Does the swap counterparty have an ‘interest’ in the structured entity?
Solution
The swap counterparty does not have an ‘interest’ in the structured entity because the
CDS transfers variability to the structured entity, rather than absorbing variability of
returns of the structured entity.
66. IFRS 12 does not apply to the following: Aggregation of disclosures

(a) post-employment benefit plans or
other long-term employee benefit 67. IFRS 12 allows reporting entities to
plans to which IAS 19 applies; judge the level of detail required in
(b) separate financial statements to the disclosures and the emphasis of
which IAS 27 applies; however, the disclosures. Disclosures should
disclosures of unconsolidated be aggregated or disaggregated as
structured entities are required if appropriate to avoid either obscuring
the entity only prepares separate useful information or including
financial statements; voluminous insignificant detail
(c) an interest held by an entity that (IFRS 12.4, IFRS 12.B2). IFRS 12
participates in, but does not have provides that:
joint control of, a joint arrangement (a) aggregation should be consistent
unless that interest results in with the disclosure objective in
significant influence over the joint paragraph 60 (IFRS 12.B3);
arrangement or is an interest in a (b) interests in subsidiaries, joint
structured entity; ventures, joint operations,
(d) an interest that is accounted associates and unconsolidated
for under IFRS 9, unless that structured entities should be
is an interest in an associate, presented by class (IFRS 12.B4);
joint venture, or unconsolidated (c) quantitative and qualitative
structured entity. information about the different
(IFRS 12.6) risks and return characteristics of
various entities and the significance

示例65.1
• 一结构化主体持有一贷款投资组合；
• 该结构化主体从报告主体获得一项信贷违约掉期以降低违约风险。
该报告主体是否拥有结构化主体中的“对其他主体的投资”？
解答
该报告主体持有一项投资参与，该投资参与使它面临一个结构化主体业绩可变动回报的
风险，因为此信贷违约掉期吸收了该结构化主体回报的可变性。

示例65.2
设置下列结构化主体为投资方提供投资机会。
掉期对手方
信贷违约掉期（CDS）以转让
Z的信贷风险给结构化主体收费
收益收益
投资者构化主体无风险债权人
与第三方（Z）信无风险的债券
贷风险挂钩的债券
图解23：主体中的“对其他主体的投资”识别—示例65.2
掉期对手方是否拥有结构化主体中的“对其他主体的投资”？
解答
掉期对手方不拥有结构化主体中的“对其他主体的投资”，因为信贷违约掉期（CDS）将可
变性转移给结构化主体，而不是吸收结构化主体收益的可变性。
66. IFRS 12不适用于以下情况：披露信息的汇总

(a) I A S 19 适用的雇佣后福利计划或其 67. I F R S 12允许报告主体决定披露的详细
它长期雇员福利计划；程度及重点。披露信息应酌情进行汇总
(b) IAS 27适用的独立财务报表；但如果或不进行汇总，既避免掩盖了有用的信
未合并的结构化主体仅编制独立财息，也避免纳入大量无用信息（I F R S 12
务报表，则要求该主体的披露信息；第4段, 第B2段）。IFRS 12规定：
(c) 投资参与但未共同控制某合营安排
的主体所持有的投资，除非该项权益 (a) 信息汇总应与第6 0 段中的披露目标
对合营安排有重大影响或该项投资相一致（IFRS 12第B3段）；
是结构化主体中的投资； (b) 对子公司、合营企业、共同经营、联营
(d) 在IFRS 9下说明的“对其他主体的投企业及未合并的结构化主体中的投资
资”，除非该项权益是联营企业、合应分类进行列报（IFRS 12第B4段）；
资企业或未合并的结构化主体中的 (c) 应同时考虑各类风险的定量及定性信
投资。息，各主体的收益特征以及每个这类
(IFRS 12第6段) 主体的重要性（IFRS 12第B5段）；并且
(d) 可能出现的信息汇总标准包括基于
活动性质、行业分类及地理概况的汇
总（IFRS 12第B6段）。

of each such entity should be 69. The group should also disclose how it
considered (IFRS 12.B5); and aggregates interests in similar entities
(d) possible aggregation criteria for disclosure purposes (IFRS 12.B3).
include aggregation based on
70. Appendix A provides a disclosure
nature of activities, industry
checklist for interests in subsidiaries
classification, and geography
and unconsolidated structured entities.
(IFRS 12.B6).
This checklist can be used as a tool to
Significant judgements assist financial statement preparation.
and assumptions
Transition
68. A reporting entity should disclose
significant judgements and assumptions 71. IFRS 10 is applicable for annual periods
made in determining whether it commencing on or after
controls, jointly controls, significantly 1 January 2013. It generally requires
influences or has interests in other full retrospective application in
entities (IFRS 12.7) including: accordance with IAS 8, except for the
(a) judgements and assumptions impracticability exemptions discussed
related to reassessment of control below. Early application is permitted,
due to changes in facts and but early adopters should disclose
circumstances (IFRS 12.8); this fact and apply IFRS 11, IFRS 12,
(b) any override of presumptions of IAS 27 (revised) and IAS 28 (revised)
control (or non-control) when simultaneously (IFRS 10.C1, C2).
voting rights exceed (or fall below) 72. The following flowchart illustrates the
50% (IFRS 12.9a, b); and transition requirements:
(c) an assessment of principal-agent
relationships in consolidation
(IFRS 12.9c).
Change in consolidation No
No adjustments
status of investee?
Yes
Determine the change in
consolidation status
Consolidating a previously- De-consolidating a previously-consolidated subsidiary

unconsolidated investee
Measure investment as if IFRS 10 effective

Is investee a business?
all along (that is, retrospective).
Yes No
• Consolidate using IFRS 3 principles from date that

Consolidate from date control is acquired, but without recognising goodwill.
that control is acquired. • Difference from previous carrying amount adjusted to
opening equity.
Impracticable Impracticable Impracticable
Apply from earliest practicable date.
Illustration 24: IFRS 10 transition flowchart
73. IFRS 12 is also effective for annual IFRS 12 earlier without being forced
periods beginning on or after to adopt IFRS 10, IFRS 11, IFRS 12, IAS
1 January 2013, with early application 27 (revised) or IAS 28 (revised)
encouraged. An entity can choose to (IFRS 12.C1, C2) in full.
provide any of the disclosures in

重大判断和假设过渡
68. 报告主体应披露在判断其是否控制、共 71. I FRS 10适用于2013年1月1日及以后开始
同控制、重大影响其它主体或对其它主的年度期间，除下文所讨论针对不可操作
体持有投资时，所做出的重大判断和假设的豁免外，应按IAS 8的规定，要求全面追
（IFRS 12第7段），包括：溯。该准则允许提前采用，但提前采用者应
披露此事实，并应同时采用IFRS 11, IFRS
(a) 与因事实和情况有变而对控制进行重 12，IAS 27，IAS 28（修订本）
（IFRS 10第
新评估有关的判断和假设（IFRS 12第 C1，C2段）。
8段）；
(b) 当表决权超过（或不足）半数时，推 72. 以下流程图阐明了过渡要求：
翻对控制（或缺乏控制）假设的决定
（IFRS 12第9a, b段）；以及
(c) 合并时的委托人—代理人关系分析
（IFRS 12第9c段）。
69. 集团还应披露在类似主体中，为披露目
的而进行的“对其他主体的投资”的汇
总方式（IFRS 12第B3段）。
70. 附录 A 提供了对子公司及未合并的结构

化主体中的投资的披露检查清单。该清
单可用于协助财务报表的编制。
被投资方合并状态否
无需调整
发生改变
是
确定合并状态的改变
合并先前未合并的被投资方无须合并先前已合并的子公司
被投资方是否一家企业？按IFRS 10进行投资计量（即追溯）。
是否
• 自获得控制之日起使用《国际财务报告准则》第3号
从获得控制之日起（IFRS 3）原则进行合并，但未确认商誉；
进行合并
• 与先前账面价值的差额调整期初权益。
不现实不现实不现实
自最早实际可行之日起开始使用
图解24：IFRS 10过渡流程图
73. IFRS 12也适用于2013年1月1日及其以后开 C1，C2段）时，可以选择提供IFRS 12要求的

始的年度期间，也鼓励提前采用。主体在未任何额外披露信息。
强制使用IFRS 10，IFRS 11，IFRS 12，IAS
27（修订本）或IAS 28（修订本）（IFRS 12第

Potential business impacts PwC observation: Entities should clearly
communicate any significant changes to
74. Changes to the consolidated entities
financial results and financial position
of a group may result in significant
to stakeholders as soon as possible.
financial changes for the group. This
Timely assessment and management
could impact both the recognised
of the potential implementation and
amounts in profit and loss (for example,
ongoing business impacts of IFRS 10 will
revenues and expenses) as well as the
help reduce unexpected business and
balance sheet presentation.
reporting risks. Beginning this process
early will allow entities enough time to
PwC observation: Leverage, capital consider potential adoption strategies
ratios, covenants and financing or to renegotiate agreements in order
agreements may be affected as a result of to reduce the impact of adoption and to
changes to the balance sheet. Structuring achieve preferred classification outcomes
efforts with special-purpose entities for future arrangements.
may no longer work under the new
requirements. Such impacts should be
reviewed in advance to understand how
a group’s balance sheet may be affected. 78. IFRS 12 has greatly increased the
Impacts on performance measures, such amount of disclosures required.
as interest cover, EBIT or EBITDA, should Reporting entities should plan for,
also be considered. and implement, the processes and
controls that will be required to gather
75. IFRS 10 introduces certain the additional information. This may
judgemental areas such as de involve a preliminary consideration
facto control and principal-agent of IFRS 12 issues such as the level of
relationships. The application of aggregation required.
IFRS 10 may result in changes in the
scope of consolidation in the future. Industry insights
Entities that anticipate this outcome
should consider the availability of 79. IFRS 10 and IFRS 12 are expected
resources and plan for the increased to affect some industries more than
capacity that would be required to others. Industries that use special
handle the additional volume of work. purpose entities or structured entities
significantly are particularly likely to be
76. In particular, the initial application of affected.
IFRS 10 may coincide with a
significant volume of purchase price 80. We will shortly issue supplements to
allocations if the application of this practical guide that discuss some
this standard requires the group to of the more significant implications for
consolidate a significant number of a number of industries to help readers
previously-unconsolidated investees. identify and consider the implications
of the standard in a number of sectors.
77. Initial transition requirements and
annual reassessment of control may Where to go for more
require changes to existing information
processes and internal controls.
Gathering and analysing the 81. The final standards and basis of
information could take considerable conclusions, as well as a summary
time and effort depending on the of all decisions reached by the board
number of investees that may require throughout the project, can be found
consolidation, the inception dates on the IASB website at www.ifrs.org/
and the records available. Home.htm

潜在经营影响普华永道的评论：主体应尽快将财务结果
及财务状况的所有重大变化清楚地传递给
74. 集团中合并主体的改变可能导致集团的利益相关者。对可能实施IFRS 10及其经营
重大财务变化。这种改变既能影响损益影响的及时评估及管理将有助于减少意外
（如各项收入和费用）的金额确认，也能的经营及报告风险。提早开始此步骤将使
影响资产负债表的列示。主体有足够的时间来考虑潜在的运用战略
或进行重新协商以降低影响，为未来安排
普华永道的评论：杠杆作用、资金比例、契达到分类优化的结果。
约及融资协议均可能受到资产负债表变化
的影响。特殊目的主体的结构化在新要求
下可能不再起作用。这些影响应提前进行 78. IFRS 12增加了许多披露要求。报告主体
审查，以便理解对集团的资产负债表将会应计划并实施汇总额外信息所要求的程序
出现的影响。同时，还应考虑对利息保障倍和控制环节。如要求的汇总水平，这就可
数、EBIT或EBITDA等性能指标的影响。能涉及到要初步考虑IFRS 12的问题了。
75. I F R S 10引入了一些判断领域，如实际控
制和委托人—代理人关系。IFR S 10的
行业透析
运用可能会造成未来合并范围的改变。 79. 预期IFRS 10和IFRS 12会对某些行业产
预料到有此结果的主体应将资源获取以生更多的影响。使用特殊目的主体或结构
及要求用以处理这些额外工作的能力提化主体的行业最有可能受到影响。
升计划考虑在内。
80. 我们将在短期内发布本实用指南的增刊，
76. 尤其是初期使用IFR S 10时，若该集团需讨论对一些行业更重要的结论，帮助使用
要合并大量先前未纳入合并的被投资方，者确认这些结论，并加以考虑。
那么可能还需要进行大量的合并对价分
配工作。
77. 初步过渡的要求以及年度控制的重新评
更多信息
估可能会改变现有程序和内部控制。根 81. 国际会计准则理事会自始至终达成的准则
据可能要求合并的被投资方的数量，开始的最终版、结论依据、以及所有决定的概
日期和可用记录、信息的汇总和分析需要要可在国际会计准则理事会（IASB）网站
花费大量时间和精力。上找到，网址：www.ifrs.org/Home.htm

Appendix A: Disclosure checklist
附录A: 披露检查表
Appropriate
disclosures
Disclosures
made?
(Yes/No*/NA)
Interests in subsidiaries
(a) Information that enables users to:
• understand the composition of the group;
• understand the interest that non-controlling interests have in the group’s activities
and cash flows;
• evaluate the nature and extent of significant restrictions on the ability to access or
use assets, and settle liabilities, of the group;
• evaluate the nature of, and changes in, the risks associated with interests in
consolidated structured entities;
• evaluate the consequences of changes in ownership interest in a subsidiary that do
not result in a loss of control; and
• evaluate the consequences of losing control of a subsidiary during the reporting
period.
The rest of the requirements elaborate on these objectives.
(b) If the financial statements of a subsidiary are as of a date or for a period that is different
from the consolidated financial statements:
• the date of the end of the reporting period of the financial statements of that
subsidiary; and
• the reason for using a different date or period.
(c) For each subsidiary that has non-controlling interests that are material:
• the name of the subsidiary;
• the principal place of business (and country of incorporation if different from the
principal place of business) of the subsidiary;
• the proportion of ownership interests held by non-controlling interests;
• the proportion of voting rights held by non-controlling interests, if different from the
proportion of ownership interests held;
• the profit or loss allocated to non-controlling interests of the subsidiary during the
reporting period;
• accumulated non-controlling interests of the subsidiary at the end of the reporting
period;
• dividends paid to non-controlling interests;
• summarised financial information about the assets, liabilities, profit or loss and cash
flows of the subsidiary that enables users to understand the interest that non-
controlling interests have in the group’s activities and cash flows.
E.g. current assets, non-current assets, current liabilities, non-current liabilities,
revenue, profit or loss and total comprehensive income.
(d) Significant restrictions (e.g. statutory, contractual and regulatory restrictions) on the
ability to access or use the assets and settle the liabilities of the group, such as:
• those that restrict the ability of a parent or its subsidiaries to transfer cash or other
assets to (or from) other entities within the group;
• guarantees or other requirements that may restrict dividends and other capital
distributions being paid, or loans and advances being made or repaid, to (or from)
other entities within the group.
(e) Nature and extent to which protective rights of non-controlling interests can
significantly restrict the entity’s ability to access or use the assets and settle the liabilities
of the group.
This include situations when:
• a parent is obliged to settle liabilities of a subsidiary before settling its own liabilities;
or
• approval of non-controlling interests is required either to access the assets or to settle
the liabilities of a subsidiary.
(f) Carrying amounts in the consolidated financial statements of the assets and liabilities to
which those restrictions apply.
*If the answer is ‘no’, further justification should be provided.

披露是否
适当？
披露
（是/否*/
不适用）
对子公司的投资
（a）相关信息能够帮助财务报表使用者：
• 了解集团的组成部分；
• 了解非控制性权益在集团内的活动和现金流的相关权益；
• 评价对取得、使用集团资产，及以集团的偿还债务能力的重要限制条件的性质与程度；
• 评价已合并的结构化主体权益的风险性质及其变化；
• 评价对于丧失子公司权益但并未导至丧失控制的的后果；
• 评价在评核期间，丧失子公司控制的后果。
余下的要求对这些目标作了详细阐述。
（b）如果子公司编制财务报告的日期或会计周期与编制合并财务报告不同时：
• 子公司财务报表报告周期的截至日；以及
• 使用不同日期或会计周期的原因。
（c）对于子公司的重要非控制性权益的来说：
• 子公司的名称；
• 子公司的主要业务地区（如果与主要业务地区不同时，应提供公司注册地）；
• 非控制性权益所持的权益比重；
• 非控制性权益中表决权的比重，如与权益比重不同时；
• 报告期间，分配到子公司非控制性权益中的利益或亏损额；
• 在报告周期末，累积子公司的非控制性权益；
• 支付到非控制性权益的股利；
• 对子公司的资产、债务、盈损和现金流通的财务信息进行总结；这些财务信息能够
使用户了解非控制性权益在集团活动和现金流的权益。
例如，流动性资产、非流动性资产、流动债务、非流动性债务、收入、盈利或亏损以及综合收益
总额。
（d）对取得、使用集团资产；集团偿还债务的能力的重要限制（例如，法定限制因素、合同限
制因素和规章限制因素）；例如：
• 那些限制母公司或其子公司向集团内的其它主体转移现金或其它资产；
• 那些限制集团内部其它主体支付股利和其它资本分配、或提供贷款及预付款的担保
和其它要求。
（e）非控制性权益对限制集团取得、使用资产及偿还债务的保护性权益的性质和程度。
这些情况包括：
• 在偿还自身的债务之前，母公司有义务偿还子公司的相关债务；或
• 使用子公司的资产或偿还子公司的债务之前，需要得到非控制性权益的批准。
（f）合并财务报告内那些适用限制条件的资产与债务的账面值。
如果答案是“否”，那么则应当提供更详尽的证明。
*如果答案是“否”，那么则应当提供更详尽的证明。

Appropriate
disclosures
Disclosures made?
(Yes/No*/NA)
Interests in subsidiaries
(g) Terms of any contractual arrangements that could require the parent or its subsidiaries to
provide financial support to a consolidated structured entity.
This includes events or circumstances that could expose the reporting entity to a loss
(e.g. liquidity arrangements or credit rating triggers associated with obligations to
purchase assets of the structured entity or provide financial support).
(h) If, during the reporting period, a parent or its subsidiaries has, without a contractual
obligation, provided support to a consolidated structured entity (e.g. purchasing assets
of or instruments issued by the structured entity):
• type and amount of support provided; and
This includes situations in which the parent or its subsidiaries assisted the structured
entity in obtaining financial support.
• reasons for providing the support.
(i) If, during the period, a parent or its subsidiaries has, without a contractual obligation,
provided support to a previously-unconsolidated structured entity that resulted in control
of the structured entity, an explanation of the factors in reaching that decision.
(j) Any current intentions to provide support to a consolidated structured entity.
This includes intentions to assist the structured entity in obtaining financial support.
(k) A schedule showing the effects, on equity attributable to owners of the parent, of
changes in subsidiary ownership levels that did not result in loss of control.
(l) If control of a subsidiary was lost during the period:
• gain/loss on loss of control;
• portion of gain/loss attributable to measuring any investment retained in the former
subsidiary at its fair value at the date when control is lost;
• line item in profit or loss in which the gain or loss is recognised (if not presented
separately).
Interests in unconsolidated structured entities
(a) Information that enables users of its financial statements to:
• understand the nature and extent of interests in unconsolidated structured entities;
and
• evaluate the nature of, and changes in, the risks associated with interests in
unconsolidated structured entities.
This includes information about an entity’s exposure to risk from involvement that it
had with unconsolidated structured entities in previous periods (e.g. sponsoring the
structured entity), even if the entity no longer has any contractual involvement with the
structured entity at the reporting date.
The rest of the requirements elaborate on these objectives.
(b) Qualitative and quantitative information about interests in unconsolidated
structured entities.
• This includes, but is not limited to, the nature, purpose, size and activities of the
structured entity and how the structured entity is financed.
(c) If an entity has sponsored an unconsolidated structured entity for which it does not have
an interest at the reporting date:
• how it has determined which structured entities it has sponsored;
• income from those structured entities during the reporting period, including a
description of the types of income presented; and
IFRS 12 suggests a tabular format for this disclosure, which should be aggregated
appropriately.
• the carrying amount (at the time of transfer) of all assets transferred to those
structured entities during the reporting period.
IFRS 12 suggests a tabular format for this disclosure, which should be aggregated
appropriately.

披露是否
适当？
披露
（是/否*/
不适用）
对子公司的投资
（g）任何需要母公司或其子公司为已合并的结构性主体提供财政支持的协定条款。
这一措施包括那些使报告主体面临亏损的事件或因素（例如，流动性安排或触发购买结构化主体资
产或提供财政支持的义务相连的信用评级）。
（h）在财务报告期间，若母公司或其子公司，在没有合同义务的情况下，向已合并的结构性主
体提供财政支持（例如，购买结构化主体的资产或其发行的金融工具）：
• 所提供财务支持的类型和金额；以及
这包括母公司或其子公司帮助结构化主体获取财务支持。
• 提供财务支持的原因。
（ i ）在财务报告期间，若母公司或其子公司，在没有合同义务的情况下，向先前未合并的结
构化主体提供财政支持；并且导致对该结构化主体产生控制，其达成这一决议的相关因
素的诠释。
（ j）向已合并的结构化主体提供财政支持的任何当前意图；
这包括帮助结构化主体获取财务支持的意图。
（k）一个在母公司所有者权益层面中有关母公司变更对子公司权益但并未导致丧失对其控
制所产生的影响列表。
（l）如果在报告期间，当丧失子公司的控制：
• 丧失控制所确认的损益；
• 当控制丧失时，由前子公司留存的投资以公允价值计量而确认的损益；
• 确认损益的具体会计科目（假如在不能单独展示的情况下）。
对未合并的结构化主体的投资
（a）相关信息能够使财务报表使用者：
• 了解对未合并的结构化主体的投资性质和程度；以及
• 评价对未合并的结构化主体的投资风险性质及其变化。
即使主体在报告日与结构化主体已再没有任何合同关系，应披露的信息包括在以前期间，主体
曾参与未合并的结构化主体而面临的风险（例如，发起结构化主体）。
余下的要求详细阐述这些目标。
（b）有关未合并的结构化主体的投资的质量信息和数量信息。
• 这包括，但不局限于，结构化主体的性质、设立目的、规模和活动；以及该结构化主
体在财政上获得的支持。
（c）如主体发起一个未合并的结构化主体，而在报告日对其并未持有其任何投资的：
• 如何确定已发起那些结构化主体；
• 在报告期间，这些结构化主体的收益，包括对所列示的收益类型的描述；
IFRS 12建议了采用列表方式作披露，并应适当汇总。
• 在报告期间，所有转移到结构化主体的资产的账面价值。
IFRS 12建议了采用列表方式作披露，并应适当汇总。
*如果答案是“否”，那么则应当提供更详尽的理由。

Appropriate
disclosures
Disclosures made?
(Yes/No*/NA)
Interests in unconsolidated structured entities
(d) Summary of:
• carrying amounts of the assets and liabilities recognised in the financial statements
relating to interests in unconsolidated structured entities;
• line items in the statement of financial position in which those assets and liabilities are
recognised;
• amount that best represents the maximum exposure to loss from interests in
unconsolidated structured entities;
This includes how the maximum exposure to loss is determined. If the maximum
exposure to loss from interests in unconsolidated structured entities cannot be
quantified, disclose that fact and the reasons.
• comparison of:
– carrying amounts of assets and liabilities that relate to interests in unconsolidated
structured entities; and
– maximum exposure to loss from those entities.
(e) If, during the period, an entity has, without a contractual obligation, provided support to
an unconsolidated structured entity in which it previously had or currently has an interest:
• the type and amount of support provided; and
This includes assistance provided to the structured entity in obtaining financial
support.
• the reasons for providing the support.
(f) Any current intentions to provide support to an unconsolidated structured entity.
This includes intentions to assist the structured entity in obtaining financial support.

披露是否
适当？
披露
（是/否*/
不适用）
对未合并的结构化主体的投资
（d）总结：
• 有关未合并的结构性主体的投资在财务报表中被确认的资产和债务账面价值；
• 财务报表内已确认的资产和债务项目。
• 最能反映对未合并的结构化主体的投资所面临的最大亏损风险金额；
这包括如何确定权益亏损的最大披露额。如未能量化对未合并的结构性主体的投资所面临的
最大亏损风险，应当披露这一事实和相关原因。
• 对照：
– 未合并的结构化主体益相关的资产和债务的账面价值；
– 这些主体所面临的最大亏损风险。
（e）在财务报告期间，若主体，在没有合同义务的情况下，向未合并的结构性主体提供财政支
持；而主体先前或现在拥有这未合并的结构性主体的权益：
• 所提供财政支持的类型和金额；以及
这包括帮助结构性主体获取财政支持的相关帮助。
• 提供财政支持的原因。
（f）向未合并的结构性主体提供财政支持的任何当前意图。
这包括帮助结构性主体获取财务支持的意图。
如果答案是“否”，那么则应当提供更详尽的理由。

Acknowledgements
致谢
Special thanks to the following individuals for their
contributions to translation and production of this
publication.
特别感谢以下参与本出版物翻译及编制的普华永道成员及其所做
的贡献。
Yvonne Kam Michael Horng

金以文洪嘉谦
会计咨询服务合伙人会计咨询服务高级经理
Elza Yuen Rachel Pang

阮慧瑤彭婉文
会计咨询服务总监会计咨询服务高级经理
Louis Tsui
徐俊杰
会计咨询服务经理
PwC assurance services contacts
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Practical Guide To Ifrs: Consolidated Financial Statements: Redefining Control

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2 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 3

The key principle in the new standard is that

4 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

国际会计准则理事会（I A SB）于2011年5月发 本出版物为I F R S 10的实务指南。对此项新准

IFRS 10是I ASB从2003年6月起启动的“合并 鉴于中国 会 计准则与 I F R S 的 持 续 趋同, 以 及

普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 5

6 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 7

Ability to use power to

Illustration 1: The elements of control

6. Control exists when an investor has all

Framework for assessment of control

Assess purpose and design (para 8-9)

Assess power (illustration 3)

What activities significantly affect the investee’s returns (‘relevant activities’)?

How are decisions about relevant activities made?

Assess exposure to variable returns (para 42-44)

Assess ability to use power to influence variable returns

Principal/agent assessment (illustration 20)

De facto agent assessment (para 49-51)

Illustration 2: Framework for assessment of control

8 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 9

purpose and design may make it clear

Assess purpose and design Determine relevant activities

Determine how relevant activities are directed (paras 14-15)

Determine whether investor’s rights provide ability

Illustration 3: Conceptual flowchart for assessment of power

10 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

11. IFRS 10提供了关于确定控制的以下额外 (b) 当两个或以上的投资方必须一致行

普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 11

• One investor has the responsibility and

Do both activities significantly affect

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普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 13

Asset manager Other equity investors Debt investor

Illustration 5(a): Relevant activities directed by different parties – example 13.2

• The asset manager manages all • Thereafter, a third-party trustee

The sequence of decision powers are illustrated diagrammatically as follows:

Asset manager decides Debt investor decides

Illustration 5(b): Relevant activities directed by different parties – example 13.2

Who controls the investment vehicle?

14 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

资产管理者 其它权益投资方 债务投资方

30%的股权 70%的股权 债务工具

• 资产管理者管理所有活动直到违约达 到 • 之 后，第 三受 托方 根 据 债务 投资方的 指

普华永道 — 国际财务报告准则实务指南 — 合并财务报表：控制的重新定义 15

Special relationship indicators (IFRS 10.B19)

Investee’s KMP are current or ex-employees of the investor Exposure to

Illustration 6: Factors to consider when assessment of control remains uncertain

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Is there the practical ability to exercise?

Are there barriers to exercise of those rights by holder?

Do practical mechanisms exist for collective exercise of rights?

Will the holder benefit from the exercise of those rights?

Is the right exercisable when decisions about the direction

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Fact pattern Financial position of Other facts Conclusion

20 PwC — Practical guide to IFRS — Consolidated financial statements: redefining control

国际会计准则理事会（I A SB）于2011年5月发本出版物为I F R S 10的实务指南。对此项新准

IFRS 10是I ASB从2003年6月起启动的“合并鉴于中国会计准则与 I F R S 的持续趋同, 以及

资产管理者其它权益投资方债务投资方

30%的股权 70%的股权债务工具

• 资产管理者管理所有活动直到违约达到 • 之后，第三受托方根据债务投资方的指

事实模式潜在表决权的财务状况其它事实结论

IFRS 10 最大投资第二大投资方剩余投资方示例中说明的其它事实和情况是否由最大投

工具和其它参与其它表决或决

39. 当这些合同安排涉及与被投资方紧密相