AASB 10 Consolidated Financial Statements prescribes that intragroup balances,transactions,income and expenses be eliminated in full on consolidation even where the parent entity holds only a fraction of the issued equity.

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AASB 10 mandates the elimination of intragroup balances, transactions, income and expenses in full on consolidation, irrespective of the percentage of issued equity held by the parent entity. This is consistent with the objective of presenting consolidated financial statements that provide a true and fair view of the financial position and performance of the group as a whole.

AASB 10 Consolidated Financial Statements Prescribes That Intragroup Balances,transactions,income and Expenses