AASB 1 First-time Adoption of Australian Accounting Standards B7: Non-controlling interests: apply the AASB 10 rules on attributing comprehensive income, ownership changes without loss of control, and loss of control prospectively from the transition date

What does B7 require?

A first-time adopter applies three AASB 10 requirements only from the transition date forward: attributing total comprehensive income between the owners of the parent and the non-controlling interests even where that leaves the non-controlling interests in deficit, accounting for changes in ownership interest that do not end control as equity transactions, and accounting for a loss of control with the related AASB 5 requirements. Where the entity elects to restate past business combinations under Appendix C, these rules also apply from the restatement date.