IAS31_06 - IAS 31 International Accounting Standard 31...

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IAS 31 © IASCF 1275 International Accounting Standard 31 Interests in Joint Ventures This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005.
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IAS 31 1276 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN10 INTERNATIONAL ACCOUNTING STANDARD 31 INTERESTS IN JOINT VENTURES SCOPE 1–2 DEFINITIONS 3–12 Forms of joint venture 7 Joint control 8 Contractual arrangement 9–12 JOINTLY CONTROLLED OPERATIONS 13–17 JOINTLY CONTROLLED ASSETS 18–23 JOINTLY CONTROLLED ENTITIES 24–47 Financial statements of a venturer 30–45 Proportionate consolidation 30–37 Equity method 38–41 Exceptions to proportionate consolidation and equity method 42–45 Separate financial statements of a venturer 46–47 TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE 48–50 REPORTING INTERESTS IN JOINT VENTURES IN THE FINANCIAL STATEMENTS OF AN INVESTOR 51 OPERATORS OF JOINT VENTURES 52–53 DISCLOSURE 54–57 EFFECTIVE DATE 58 WITHDRAWAL OF IAS 31 (REVISED 2000) 59 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 31 BY THE BOARD BASIS FOR CONCLUSIONS
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IAS 31 © IASCF 1277 International Accounting Standard 31 Interests in Joint Ventures (IAS 31) is set out in paragraphs 1–59 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 31 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 31 1278 © IASCF Introduction IN1 International Accounting Standard 31 Interests in Joint Ventures (IAS 31) replaces IAS 31 Financial Reporting of Interests in Joint Ventures (revised in 2000), and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. Reasons for revising IAS 31 IN2 The International Accounting Standards Board developed this revised IAS 31 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 31 the Board’s main objective was to make the amendments necessary to take account of the extensive changes being made to IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries and IAS 28 Accounting for Investments in Associates as part of the Improvements project. The Board did not reconsider the fundamental approach to the accounting for interests in joint
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IAS31_06 - IAS 31 International Accounting Standard 31...

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