AASB 10 Consolidated Financial Statements 31-33,4B: Investment entity exception: carry subsidiaries at fair value, with changes in profit or loss, instead of consolidating, except subsidiaries that are not investment entities and mainly provide investment-related services, and ensure a non-investment-entity parent consolidates everything it controls

What does 31-33,4B require?

An investment entity neither consolidates its subsidiaries nor applies AASB 3 on obtaining control; each subsidiary is instead carried under AASB 9 at fair value, with changes taken to profit or loss, and if all its subsidiaries are measured that way it presents no consolidated statements. It must still consolidate, and apply AASB 3 to acquisitions of, a subsidiary that is not an investment entity in its own right and that mainly exists to provide services connected with the investment entity's investing. A parent that is not an investment entity consolidates every entity it controls, including those owned through an investment entity subsidiary.