IAS 31 Interests in Joint Ventures.docx

IAS 31 Interests in Joint Ventures.docx

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IAS31InterestsinJointVentures

IAS31InterestsinJointVentures

ThisrevisedStandardsupersedesIAS31（revised2000）FinancialReportingofInterestsinJointVenturesandshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.

Contents

IntroductionIN1-IN10

InternationalAccountingStandard31InterestsinJointVentures

Scope1-2

Definitions3-12

FormsofJointVenture7

JointControl8

ContractualArrangement9-12

Jointlycontrolledoperations13-17

Jointlycontrolledassets18-23

Jointlycontrolledentities24-47

FinancialStatementsofaVenturer30-45

ProportionateConsolidation30-37

EquityMethod38-41

ExceptionstoProportionateConsolidationandEquityMethod42-45

SeparateFinancialStatementsofaVenturer46-47

Transactionsbetweenaventurerandajointventure48-50

Reportinginterestsinjointventuresinthefinancialstatementsofaninvestor51

Operatorsofjointventures52-53

Disclosure54-57

Effectivedate58

WithdrawalofIAS31（revised2000）59

Appendix:

AmendmentstoOtherPronouncements

ApprovalofIAS31bytheBoard

BasisforConclusions

TableofConcordance

InternationalAccountingStandard31InterestsinJointVentures（IAS31）issetoutinparagraphs1-59andtheAppendix.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS31shouldbereadinthecontextoftheBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.

Introduction

IN1.InternationalAccountingStandard31InterestsinJointVentures（IAS 31）replacesIAS31FinancialReportingofInterestsinJointVentures（revisedin2000）,andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.

ReasonsforRevisingIAS31

IN2.TheInternationalAccountingStandardsBoarddevelopedthisrevisedIAS31aspartofitsprojectonImprovementstoInternationalAccountingStandards.TheprojectwasundertakeninthelightofqueriesandcriticismsraisedinrelationtotheStandardsbysecuritiesregulators,professionalaccountantsandotherinterestedparties.Theobjectivesoftheprojectweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.

IN3.ForIAS31theBoard'smainobjectivewastomaketheamendmentsnecessarytotakeaccountoftheextensivechangesbeingmadetoIAS 27ConsolidatedFinancialStatementsandAccountingforInvestmentsinSubsidiariesandIAS28AccountingforInvestmentsinAssociatesaspartoftheImprovementsproject.TheBoarddidnotreconsiderthefundamentalapproachtotheaccountingforinterestsinjointventurescontainedinIAS31.

TheMainChanges

IN4.ThemainchangesfromthepreviousversionofIAS31aredescribedbelow.

Scope

IN5.TheStandarddoesnotapplytoinvestmentsthatwouldotherwisebeinterestsofventurersinjointlycontrolledentitiesheldbyventurecapitalorganisations,mutualfunds,unittrustsandsimilarentitieswhenthoseinvestmentsareclassifiedasheldfortradingandaccountedforinaccordancewithIAS39FinancialInstruments:

RecognitionandMeasurement.Thoseinvestmentsaremeasuredatfairvalue,withchangesinfairvaluebeingrecognisedinprofitorlossintheperiodinwhichtheyoccur.

IN6.Furthermore,theStandardprovidesexemptionsfromapplicationofproportionateconsolidationortheequitymethodsimilartothoseprovidedforcertainparentsnottoprepareconsolidatedfinancialstatements.TheseexemptionsincludewhentheinvestorisalsoaparentexemptinaccordancewithIAS27ConsolidatedandSeparateFinancialStatementsfrompreparingconsolidatedfinancialstatements（paragraph2（b））,andwhentheinvestor,thoughnotsuchaparent,cansatisfythesametypeofconditionsthatexemptsuchparents（paragraph 2（c））.

ExemptionsfromApplyingProportionateConsolidationortheEquityMethod

IN7.TheStandarddoesnotrequireproportionateconsolidationortheequitymethodtobeappliedwhenaninterestinajointventureisacquiredandheldwithaviewtoitsdisposalwithintwelvemonthsofacquisition.Theremustbeevidencethattheinvestmentisacquiredwiththeintentiontodisposeofitandthatmanagementisactivelyseekingabuyer.Thewords"inthenearfuture"fromthepreviousversionofIAS 31werereplacedwiththewords"withintwelvemonths".Whensuchaninterestinajointventureisnotdisposedofwithintwelvemonthsitmustbeaccountedforusingproportionateconsolidationortheequitymethodasfromthedateofacquisition,exceptinnarrowlyspecifiedcircumstances.

IN8.TheStandarddoesnotpermitaventurerthatcontinuestohavejointcontrolofaninterestinajointventurenottoapplyproportionateconsolidationortheequitymethodwhenthejointventureisoperatingunderseverelong-termrestrictionsthatsignificantlyimpairitsabilitytotransferfundstotheventurer.Jointcontrolmustbelostbeforeproportionateconsolidationortheequitymethodceasestoapply.

SeparateFinancialStatements

IN9.Therequirementsforthepreparationofaninvestor'sseparatefinancialstatementsareestablishedbyreferencetoIAS 27.

Disclosure

IN10.TheStandardrequiresaventurertodisclosethemethoditusestorecogniseitsinterestsinjointlycontrolledentities（ieproportionateconsolidationortheequitymethod）.

Scope

1.ThisStandardshallbeappliedinaccountingforinterestsinjointventuresandthereportingofjointventureassets,liabilities,incomeandexpensesinthefinancialstatementsofventurersandinvestors,regardlessofthestructuresorformsunderwhichthejointventureactivitiestakeplace.However,itdoesnotapplytoventurers'interestsinjointlycontrolledentitiesheldby:

（a）venturecapitalorganisations,or

（b）mutualfunds,unittrustsandsimilarentitiesincludinginvestment-linkedinsurancefunds

thatuponinitialrecognitionaredesignatedasatfairvaluethroughprofitorlossorareclassifiedasheldfortradingandaccountedforinaccordancewithIAS39FinancialInstruments:

RecognitionandMeasurement.SuchinvestmentsshallbemeasuredatfairvalueinaccordancewithIAS39,withchangesinfairvaluerecognisedinprofitorlossintheperiodofthechange.

2.Aventurerwithaninterestinajointlycontrolledentityisexemptedfromparagraphs30（proportionateconsolidation）and38（equitymethod）whenitmeetsthefollowingconditions:

（a）theinterestisclassifiedasheldforsaleinaccordancewithIFRS5Non-currentAssetsHeldforSaleandDiscontinuedOperations;

（b）theexceptioninparagraph10ofIAS27ConsolidatedandSeparateFinancialStatementsallowingaparentthatalsohasaninterestinajointlycontrolledentitynottopresentconsolidatedfinancialstatementsisapplicable;or

（c）allofthefollowingapply:

（i）theventurerisawholly-ownedsubsidiary,orisapartially-ownedsubsidiaryofanotherentityanditsowners,includingthosenototherwiseentitledtovote,havebeeninformedabout,anddonotobjectto,theventurernotapplyingproportionateconsolidationortheequitymethod;

（ii）theventurer'sdebtorequityinstrumentsarenottradedinapublicmarket（adomesticorforeignstockexchangeoranover-the-countermarket,includinglocalandregionalmarkets）;

（iii）theventurerdidnotfile,norisitintheprocessoffiling,itsfinancialstatementswithasecuritiescommissionorotherregulatoryorganisation,forthepurposeofissuinganyclassofinstrumentsinapublicmarket;and

（iv）theultimateoranyintermediateparentoftheventurerproducesconsolidatedfinancialstatementsavailableforpublicusethatcomplywithInternationalFinancialReportingStandards.

Editorialnote:

Sub-paragraph（a）substitutedbyIFRS5witheffectforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.IfanentityappliestheIFRSforaperiodbeginningbefore1January2005,itshalldisclosethatfact.Previously"（a）thereisevidencethattheinterestisacquiredandheldexclusivelywithaviewtoitsdisposalwithintwelvemonthsfromacquisitionandthatmanagementisactivelyseekingabuyer;".

Definitions

3.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:

Controlisthepowertogovernthefinancialandoperatingpoliciesofaneconomicactivitysoastoobtainbenefitsfromit.

Theequitymethodisamethodofaccountingwherebyaninterestinajointlycontrolledentityisinitiallyrecordedatcostandadjustedthereafterforthepost-acquisitionchangeintheventurer'sshareofnetassetsofthejointlycontrolledentity.Theprofitorlossoftheventurerincludestheventurer'sshareoftheprofitorlossofthejointlycontrolledentity.

Aninvestorinajointventureisapartytoajointventureanddoesnothavejointcontroloverthatjointventure.

Jointcontrolisthecontractuallyagreedsharingofcontroloveraneconomicactivity,andexistsonlywhenthestrategicfinancialandoperatingdecisionsrelatingtotheactivityrequiretheunanimousconsentofthepartiessharingcontrol（theventurers）.

Ajointventureisacontractualarrangementwherebytwoormorepartiesundertakeaneconomicactivitythatissubjecttojointcontrol.

Proportionateconsolidationisamethodofaccountingwherebyaventurer'sshareofeachoftheassets,liabilities,incomea