The Household Chief Economic Officer

If material, these may impact the analysis of company risk, lending and investment decisions.

IFRS 10 Consolidated Financial Statements states that control is the key factor in determining consolidation.

The new standard provides a much clearer definition of control (than previous standards) and provides more guidance in circumstances when control is difficult to assess.

Joint arrangements can either be joint operations or joint ventures.

The Financial Impact of Changes to On Balance Sheet and Off Balance Sheet Criteria

Economy: 1 a) obs.: an art of managing a household.

HCFO Standards of Conduct

The HCFO position has certain responsibilities and standards of conduct.

This standard of conduct is summarized in the concept of fiduciary duty.

For example, a corporation's board member has a fiduciary duty to the shareholders and a trustee has a fiduciary duty to the beneficiaries of the trust.; Thus, the fiduciary is the person who is bound by fiduciary duty.

In the context of a household, the HCFO is the fiduciary, and the household as a group is the client.; In other words, the HCFO manages the income and assets of the household to best achieve the goals of the group and is held to a high standard of ethics and trust in his activities.

1. The solvency of the household (that income is greater than expenses)
2. That the household is debt-free (with the possible exception of mortgage and business debt)
3. The amount of net worth of the household
4. Holding a periodic (i.e. monthly) financial meeting with other household members to review objectives.
5. Implementation of financial plans and programs to assist in the accomplishment of the goals of the household and the competent handling of financial emergencies.
6. The due diligence related to making and monitoring any investments held by the household.