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International Accounting Standard 31

International Accounting Standard 31

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Published by maeconomics
International Accounting Standards
International Accounting Standards

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Published by: maeconomics on Jan 23, 2010
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06/29/2014

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IAS 31
 © 
IASCF1527
International Accounting Standard 31
Interests in Joint Ventures
This version includes amendments resulting from IFRSs issued up to 31 December 2008.
IAS 31
 Financial Reporting of Interests in Joint Ventures
 was issued by the International Accounting Standards Committee in December 1990, and reformatted in 1994. Limitedamendments to IAS 31 were made in 1998, 1999 and 2000.In April 2001 the International Accounting Standards Board (IASB) resolved that allStandards and Interpretations issued under previous Constitutions continued to beapplicable unless and until they were amended or withdrawn.In December 2003 the IASB issued a revised IAS 31 with a new title—
 Interests in Joint Ventures
.Since then, IAS 31 and its accompanying documents have been amended by the followingIFRSs:IFRS 3
 Business Combinations
(issued March 2004)IFRS 5
 Non-current Assets Held for Sale and Discontinued Operations
(issued March 2004)IAS 27
Consolidated and Separate Financial Statements
(as amended in January 2008)
*
 Improvements to IFRSs
(issued May 2008).
IAS 1
 Presentation of Financial Statements
(as revised in September 2007)
amended theterminology used throughout IFRSs, including IAS 31. The following Interpretations refer to IAS 31:SIC-13
 Jointly Controlled Entities—Non-Monetary Contributions by Venturers
 (issued December 1998 and subsequently amended)IFRIC 5
 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
(issued December 2004).
*effective date 1 July 2009effective date 1 January 2009
 
IAS 311528
 © 
IASCF
C
ONTENTS
 paragraphs
INTRODUCTIONIN1IN10
INTERNATIONAL ACCOUNTING STANDARD 31
INTERESTS IN JOINT VENTURES
SCOPE12DEFINITIONS312Forms of joint venture7Joint control8Contractual arrangement912JOINTLY CONTROLLED OPERATIONS1317JOINTLY CONTROLLED ASSETS1823JOINTLY CONTROLLED ENTITIES2447Financial statements of a venturer3045B
Proportionate consolidation3037Equity method3841Exceptions to proportionate consolidation and equity method4245B
Separate financial statements of a venturer4647TRANSACTIONS BETWEEN A VENTURER AND A JOINT VENTURE4850REPORTING INTERESTS IN JOINT VENTURES INTHE FINANCIAL STATEMENTS OF AN INVESTOR51OPERATORS OF JOINT VENTURES5253DISCLOSURE5457EFFECTIVE DATE AND TRANSITION5858BWITHDRAWAL OF IAS31 (REVISED 2000)59APPENDIXAmendments to other pronouncementsAPPROVAL BY THE BOARD OF IAS31 ISSUED IN DECEMBER 2003BASIS FOR CONCLUSIONS
 
IAS 31
 © 
IASCF1529
International Accounting Standard 31
 Interests in Joint Ventures
(IAS 31) is set out inparagraphs 1–59 and the Appendix. All the paragraphs have equal authority but retainthe IASC format of the Standard when it was adopted by the IASB. IAS 31 should be readin 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
.IAS8
 Accounting Policies, Changes in Accounting Estimates and Errors
provides a basis forselecting and applying accounting policies in the absence of explicit guidance.

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