The aim of this thesis is the discussion of the new regulation of consolidation under IFRS 10 with a focus on Special Purpose Entities, especially ABS transactions. Earnings management, the reduction of regulatory capital together with the opportunity for financing are reasons for setting up such constructs. The challenge regarding an appropriate illustration in consolidated financial statements is to handle the mismatch between the distribution of voting rights and the attribution of risks and rewards. Control models which focus on voting rights usually fail because the scope for decision making is often restricted and key decisions are predetermined. Consolidation under IFRS was so far regulated in IAS 27. In addition, the interpretation SIC-12 regulated the consolidation of Special Purpose Entities. The analysis shows that there existed problems due to missing application guidance and vague definitions of some indicators. The problem was that the focus on the majority of risks and rewards as a single factor for the determination of control introduced structuring opportunities. IFRS 10 introduces a single consolidation model for all kind of entities. However, risks and rewards remain an important indicator for control. In addition, an entity has to influence the relevant activities of the subordinated entity to control this entity. In comparison to the rule-based interpretation of SIC-12, the modifications under IFRS 10 emphasize a principle-based approach. The identification of relevant activitites regarding Special Purpose Entities will be a big challenge in future. Although, there were efforts to a convergent regulation of consolidation under IFRS and U.S. GAAP, there still remain particular differences.