Parent entity definition clarifies consolidated financial statement requirement and ownership exclusion in international group reporting.

Parent Entity is a constituent entity of an international group that holds an interest in other constituent entities and is treated as a parent if it is required to prepare consolidated financial statements under applicable law or accounting standards, or would be required to do so if equity shares were listed; the definition excludes cases where another constituent entity, by virtue of ownership in the first entity, is required to prepare consolidated financial statements that include the first entity's separate financial statements.

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