Defining control under IFRS 10: conceptual challenges and practical implications for group consolidation

The thesis explores the concept of control in the context of consolidated financial statements, analyzing the conceptual and operational implications of adopting IFRS 10 Consolidated Financial Statements. The study is part of the broader debate on the evolution of international accounting standards and the challenges posed by the growing complexity of global corporate structures. In particular, it examines the transition from a formal, rule-based model based on majority voting rights (IAS 27) to a principle-based approach aimed at capturing the economic substance of control relationships, even in the absence of direct shareholdings. The research critically analyzes the new unitary model introduced by IFRS 10, relating it to the concepts of control adopted by US GAAP and the implications of dual models such as the Voting Interest Model and Variable Interest Entities. It also considers the role of the complementary standards IFRS 11 and IFRS 12, respectively on joint arrangements and disclosure of interests in other entities. From a methodological point of view, the paper adopts a qualitative approach based on regulatory analysis, literature review, reports from leading accounting organizations and critical reflections on the Post-Implementation Reviews published by the IASB. The conclusions highlight how IFRS 10 has improved the conceptual consistency and transparency of consolidation, while introducing new interpretative and operational complexities. These challenges are also evident from the analysis of the Enron case, an emblematic example of the abuse of special purpose entities that played a key role in the reform of international standards. Ultimately, the concept of control remains a central and constantly evolving element in consolidated financial reporting, influenced as much by technical considerations as by economic and institutional dynamics.