IAS 27 - Separate Financial Statements is a standard issued by the International Accounting Standards Board that outlines how a parent company or entity that controls one or more subsidiaries must present its separate financial statements. These separate statements are intended to provide information about the financial position, performance, and cash flows of the parent entity in isolation, excluding its subsidiaries. The standard also specifies the necessary disclosure requirements and presentation formats for such statements.

Separate financial statements are distinct from consolidated financial statements. While consolidated financial statements provide a holistic view of the entire group's financials—including all subsidiaries' results as a whole—separate financial statements solely reflect the financials of the parent company. For instance, a parent company may choose to present its standalone financial statements alongside the group's consolidated financial statements when reporting.

An example of applying IAS 27 might include a parent company distributing dividends based on its individual retained earnings as shown in its separate financial statements. These statements may also be required by law or regulation in certain jurisdictions.