IAS28_06 - IAS 28 International Accounting Standard 28...

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IAS 28 © IASCF 1243 International Accounting Standard 28 Investments in Associates This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005.
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IAS 28 1244 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN15 INTERNATIONAL ACCOUNTING STANDARD 28 INVESTMENTS IN ASSOCIATES SCOPE 1 DEFINITIONS 2–12 Significant influence 6–10 Equity method 11–12 APPLICATION OF THE EQUITY METHOD 13–34 Impairment losses 31–34 SEPARATE FINANCIAL STATEMENTS 35–36 DISCLOSURE 37–40 EFFECTIVE DATE 41 WITHDRAWAL OF OTHER PRONOUNCEMENTS 42–43 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 28 BY THE BOARD BASIS FOR CONCLUSIONS
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IAS 28 © IASCF 1245 International Accounting Standard 28 Investments in Associates (IAS 28) is set out in paragraphs 1–43 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 28 should be read in the context of the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 28 1246 © IASCF Introduction IN1 International Accounting Standard 28 Investments in Associates replaces IAS 28 Accounting for Investments in Associates (revised in 2000) and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. The Standard also replaces the following Interpretations: •S I C - 3 Elimination of Unrealised Profits and Losses on Transactions with Associates I C - 2 0 Equity Accounting Method—Recognition of Losses I C - 3 3 Consolidation and Equity Method—Potential Voting Rights and Allocation of Ownership Interests . Reasons for revising IAS 28 IN2 The International Accounting Standards Board developed this revised IAS 28 as part of its project on Improvements to International Accounting Standards. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, professional accountants and other interested parties. The objectives of the project were to reduce or eliminate alternatives, redundancies and conflicts within the Standards, to deal with some convergence issues and to make other improvements. IN3 For IAS 28 the Board’s main objective was to reduce alternatives in the application of the equity method and in accounting for investments in associates in separate financial statements. The Board did not reconsider the fundamental approach when accounting for investments in associates using the equity method contained in IAS 28.
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IAS28_06 - IAS 28 International Accounting Standard 28...

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