In May 2011 the IASB simultaneously issued three new standards and two amended standards. This “suite of five” covers all aspects of group accounting and consolidation, joint arrangements, equity accounting and related disclosure of interests in other entities. IFRS 10 establishes principles for preparation of consolidated financial statements when an entity controls one or more other entities, and introduces a single model for identifying control to replace the previous concepts of control contained within the former IAS 27 and SIC-12. IFRS 11 establishes principles for the financial reporting by parties to a joint arrangement. An entity recognizes its interest in an associate by applying the equity method of IAS 28, Investment in Associates and Joint Ventures, except if an exception is applicable. IAS 27 addresses issues related to accounting for investments in subsidiaries, joint ventures, and associates when the entity elects or is required to prepare separate financial statements.