) IFRS 10 Consolidated Financial Statements requires all parent entities to present consolidated financial statements. However, a parent is not required to present consolidated financial statements if it meets certain strict conditions.

(i) Discuss the conditions of IFRS 10 that a parent entity shall meet to be exempted from preparing a consolidated financial statement.

[10 Marks]

(ii) Explain the disclosures that a parent entity is required to make as per IAS 27 - Separate Financial Statements in case a parent meets the exempted conditions of IFRS 10.

[5 Marks]