The balance sheet of entity H as at 31 December 2009 is shown below: 

On 1 January 2010, entity H acquired 80 per cent of the 30,000 EUR 1 ordinary shares in entity S$ for EUR 1.60 per share in cash and gained control. The fair value of the non-current assets of entity S at that date was EUR 37,200. The balance sheets of H and S on 1 January 2010, after the acquisition, were as follows: 

Prepare the consolidated balance sheet as at 1 January 2010 under the: 

(a) economic entity model of consolidation; 

(b) parent entity model of consolidation; 

(c) proprietary model of consolidation. 

Explain which model the IASB has adopted and prepare a consolidated balance sheet at the same date accordingly.

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Non-current assets Net current assets Net assets Share capital Retained earnings Liabilities Total equity and liabilities 75,000 69,000 144,000 48,000 81,000 15,000 144,000