SIC13 BV2009 - SIC-13 SIC Interpretation 13 Jointly...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
SIC-13 SIC Interpretation 13 Jointly Controlled Entities— Non-Monetary Contributions by Venturers This version includes amendments resulting from IFRSs issued up to 31 December 2008. SIC-13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers was developed by the Standing Interpretations Committee and issued in December 1998. In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. Since then, SIC-13 has been amended by the following IFRSs: IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (issued December 2003) IAS 16 Property, Plant and Equipment (as revised in December 2003) IAS 31 Interests in Joint Ventures (issued December 2003) IAS 1 Presentation of Financial Statements (as revised in September 2007). * * effective date 1 January 2009 © IASCF 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
SIC-13 SIC Interpretation 13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers (SIC-13) is set out in paragraphs 5–7. SIC-13 is accompanied by a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards . 2 © IASCF
Background image of page 2
SIC-13 SIC Interpretation 13 Jointly Controlled Entities— Non-Monetary Contributions by Venturers References IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 16 Property, Plant and Equipment IAS 18 Revenue IAS 31 Interests in Joint Ventures Issue 1 IAS 31.48 refers to both contributions and sales between a venturer and a joint venture as follows: ‘When a venturer contributes or sells assets to a joint venture, recognition of any portion of a gain or loss from the transaction shall reflect the substance of the transaction’. In addition, IAS 31.24 says that ‘a jointly controlled entity is a joint venture that involves the establishment of a corporation, partnership or other entity in which each venturer has an interest’. There is no explicit guidance on the recognition of gains and losses resulting from contributions of non-monetary assets to jointly controlled entities (‘JCEs’).
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

SIC13 BV2009 - SIC-13 SIC Interpretation 13 Jointly...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online