https://www.taxtmi.com/article/detailed?id=11517 The guidance requires preparing a deemed set of Consolidated Financial Statements under an Authorized Financial Accounting Standard when the UPE does not prepare consolidated statements; that set is used to assess GloBE applicability, including revenue threshold and Constituent Entity status. It clarifies that the deemed consolidation does not alter the consolidation outcomes under the applicable accounting standard and that the Controlling Interests definition uses an analogous deemed consolidation approach. Where a non acceptable accounting treatment causes a Material Competitive Distortion, adjustments must align the treatment with IFRS. en-us Tue, 20 Jun 2023 10:12:00 +0530 Tue, 20 Jun 2023 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11517 The guidance requires preparing a deemed set of Consolidated Financial Statements under an Authorized Financial Accounting Standard when the UPE does not prepare consolidated statements; that set is used to assess GloBE applicability, including revenue threshold and Constituent Entity status. It clarifies that the deemed consolidation does not alter the consolidation outcomes under the applicable accounting standard and that the Controlling Interests definition uses an analogous deemed consolidation approach. Where a non acceptable accounting treatment causes a Material Competitive Distortion, adjustments must align the treatment with IFRS. Articles Other Topics Tue, 20 Jun 2023 10:12:00 +0530 https://www.taxtmi.com/article/detailed?id=11517