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Dear All

According to Para 6 of IAS 27

For an entity described in paragraph 5, separate financial statements are those prepared and presented in addition to the financial statements referred to in paragraph 5. <b>Separate financial statements need not be appended to, or accompany,those statements.</b>

and Para 7

The financial statements of an entity that does not have a subsidiary, associate or venturer’s interest in a jointly controlled entity are not separate financial statements.


I need an example of an entity which is preparing separate financial statements in Pakistan.

and in easy word what is meant by separate financial statements ...
Separate financial statements as per IAS 27 are applicable to group of joint entities. Parent companies are required to prepare separate financial statement for all of the entities in which they have interest. IAS 27 also applies the restriction of counting that interest on direct equity basis and does not allow accounting on basis of reported results and net assets of the investee. Whenever reading IAS 27 keep in mind that we are talking about parent - subsidiary relation ships.
I am not aware of Pakistani companies preparing separate financial statements in accordance with IAS 27. There are few in Australia, but Aust has its own financial standards not much different from IAS, any way try to find out a business group (I would check Karachi stock exchange web site for that) and then check financials of parent company of that group, you will find useful information

In short and simple u can say that the financial statements not prepared under equity method are separate financial statements. As per the company public company that presents consolidated financial statements shall also present the separate financial statements along with the consolidated ones.
Just give a visit to stock exchange and u will find many companies preparing consolidated financial statements.
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