IFRS 10 Consolidated Financial Statements prescribes that intragroup balances,transactions,income and expenses be eliminated in full on consolidation.This requirement is consistent with the parent entity concept of consolidation.

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The requirement to eliminate intragroup balances, transactions, income, and expenses in full on consolidation is consistent with the entity concept, not the parent entity concept. The entity concept views the group as a single economic entity.

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