The concept that underpins consolidations in Australia is:

Select one:

The proprietary concept, as explicitly described in AASB 3 and AASBs 127/10.

The parent entity concept, as explicitly mentioned in AASBs 127/10.

The entity concept, as explained in the Corporations Act.

The entity concept, as implied by the functioning of AASBs 127/10 and explicitly mentioned in predecessor standards.