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IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.Many large companies are partially or entirely made up of smaller companies that they've acquired throughout the years.A number of factors are considered in making this assessment.For instance, the remuneration of the decision-maker is considered in determining whether it is an agent.

[IFRS ] However, a parent need not present consolidated financial statements if it meets all of the following conditions: [IFRS 10:4(a)] Investment entities are prohibited from consolidating particular subsidiaries (see further information below).

[IFRS 10:5-6; IFRS 10:8] An investor controls an investee if and only if the investor has all of the following elements: [IFRS 10:7] Power arises from rights. Such returns must have the potential to vary as a result of the investee's performance and can be positive, negative, or both.

[IFRS ] A parent must not only have power over an investee and exposure or rights to variable returns from its involvement with the investee, a parent must also have the ability to use its power over the investee to affect its returns from its involvement with the investee. When assessing whether an investor controls an investee an investor with decision-making rights determines whether it acts as principal or as an agent of other parties.

[IFRS ] A reporting entity attributes the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests.

The proportion allocated to the parent and non-controlling interests are determined on the basis of present ownership interests.