Difference between consolidated consolidating financial statements

However, it would not be consolidated under US GAAP under the concept of effective control.

Special Purpose Entities IFRS: Special purpose entities (SPEs) are consolidated where the substance of the relationship indicates that an entity controls the SPE.

IFRS: Focuses on the concept of control in determining whether a parent/subsidiary relationship exists.

However, the investors and potential investors in NEP will find it helpful to see the financial results and the financial position of the earned from outside customers.Reporting Periods IFRS: The consolidated financial statements of the parent and the subsidiary are usually drawn up at the same reporting date.However, the consolidation of subsidiary accounts can be drawn up at a different reporting date provided the difference between the reporting dates is no more than three months.Control may arise through the predetermination of the activities of the SPE (operating on ‘autopilot’) or otherwise.Indicators of control arise where: Post-employment benefit plans or other long-term employee benefit plans to which IAS 19, Employee Benefits, applies are excluded from this requirement.

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US GAAP: There is no exemption for general purpose financial statements.

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