Broome Ltd owns 80% of the equity shares of Shark Bay Ltd, which owns 100% of the shares of Geraldton Ltd. All companies prepare reports under IFRS standards. Although the shares of Shark Bay Ltd are not traded on any stock exchange, its debt instruments are publicly traded.

Analyze the above case and determine whether a parentsubsidiary relationship exists, and which entity, if any, is a parent and is required to prepare consolidated financial statements under IFRS 10.