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IAS 31 Interests in Joint Ventures

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更多 发布于:2012-01-12 14:27

This revised Standard supersedes IAS 31 (revised 2000) Financial Reporting of Interests in Joint Ventures and shouldbe applied for annual periods beginning on or after 1 January 2005. Earlierapplication is encouraged.

Contents


Introduction IN1-IN10
International Accounting Standard 31 Interests inJoint 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 Consolidationand Equity Method 42-45
Separate Financial Statements of aVenturer 46-47
Transactions between a venturer and a jointventure 48-50
Reporting interests in joint ventures in thefinancial 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
Table of Concordance
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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.
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 ventures contained in IAS 31.
The Main Changes
IN4. The main changes from the previous version of IAS 31 are described below.
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Scope
IN5. The Standard does not apply to investments that would otherwise be interests of venturers in jointly controlled entities held by venture capital organisations, mutual funds, unit trusts and similar entities when those investments are classified as held for trading and accounted for in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Those investments are measured at fair value, with changes in fair value being recognised in profit or loss in the period in which they occur.
IN6. Furthermore, the Standard provides exemptions from application of proportionate consolidation or the equity method similar to those provided for certain parents not to prepare consolidated financial statements. These exemptions include when the investor is also a parent exempt in accordance with IAS 27 Consolidated and Separate Financial Statements from preparing consolidated financial statements (paragraph 2(b)), and when the investor, though not such a parent, can satisfy the same type of conditions that exempt such parents (paragraph 2(c)).
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Exemptions from Applying Proportionate Consolidation or the Equity Method
IN7. The Standard does not require proportionate consolidation or the equity method to be applied when an interest in a joint venture is acquired and held with a view to its disposal within twelve months of acquisition. There must be evidence that the investment is acquired with the intention to dispose of it and that management is actively seeking a buyer. The words "in the near future" from the previous version of IAS 31 were replaced with the words "within twelve months". When such an interest in a joint venture is not disposed of within twelve months it must be accounted for using proportionate consolidation or the equity method as from the date of acquisition, except in narrowly specified circumstances.
IN8. The Standard does not permit a venturer that continues to have joint control of an interest in a joint venture not to apply proportionate consolidation or the equity method when the joint venture is operating under severe long-term restrictions that significantly impair its ability to transfer funds to the venturer. Joint control must be lost before proportionate consolidation or the equity method ceases to apply.
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Separate Financial Statements
IN9. The requirements for the preparation of an investor's separate financial statements are established by reference to IAS 27.

Disclosure
IN10. The Standard requires a venturer to disclose the method it uses to recognise its interests in jointly controlled entities (ie proportionate consolidation or the equity method).
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Scope
1. This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to venturers' interests in jointly controlled entities held by:
(a) venture capital organisations, or
(b) mutual funds, unit trusts and similar entities including investment-linked insurance funds
that upon initial recognition are designated as at fair value through profit or loss or are classified as held for trading and accounted for in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Such investments shall be measured at fair value in accordance with IAS 39, with changes in fair value recognised in profit or loss in the period of the change.
2. A venturer with an interest in a jointly controlled entity is exempted from paragraphs 30 (proportionate consolidation) and 38 (equity method) when it meets the following conditions:
(a) the interest is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations;
(b) the exception in paragraph 10 of IAS 27 Consolidated and Separate Financial Statements allowing a parent that also has an interest in a jointly controlled entity not to present consolidated financial statements is applicable; or
(c) all of the following apply:
(i) the venturer is a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity and its owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the venturer not applying proportionate consolidation or the equity method;
(ii) the venturer's debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets);
(iii) the venturer did not file, nor is it in the process of filing, its financial statements with a securities commission or other regulatory organisation, for the purpose of issuing any class of instruments in a public market; and
(iv) the ultimate or any intermediate parent of the venturer produces consolidated financial statements available for public use that comply with International Financial Reporting Standards.
Editorial note: Sub-paragraph (a) substituted by IFRS 5 with effect for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies the IFRS for a period beginning before 1 January 2005, it shall disclose that fact. Previously "(a) there is evidence that the interest is acquired and held exclusively with a view to its disposal within twelve months from acquisition and that management is actively seeking a buyer;".
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Definitions
3. The following terms are used in this Standard with the meanings specified:
Control is the power to govern the financial and operating policies of an economic activity so as to obtain benefits from it.
The equity method is a method of accounting whereby an interest in a jointly controlled entity is initially recorded at cost and adjusted thereafter for the post-acquisition change in the venturer's share of net assets of the jointly controlled entity. The profit or loss of the venturer includes the venturer's share of the profit or loss of the jointly controlled entity.
An investor in a joint venture is a party to a joint venture and does not have joint control over that joint venture.
Joint control is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).
A joint venture is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
Proportionate consolidation is a method of accounting whereby a venturer's share of each of the assets, liabilities, income and expenses of a jointly controlled entity is combined line by line with similar items in the venturer's financial statements or reported as separate line items in the venturer's financial statements.
Separate financial statements are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.
Significant influence is the power to participate in the financial and operating policy decisions of an economic activity but is not control or joint control over those policies.
A venturer is a party to a joint venture and has joint control over that joint venture.
Editorial note: Definition of "joint control" substituted by IFRS 3 with effect for business combinations for which the agreement date is on or after 31 March 2004, subject to further transitional provisions. Previously "Joint control is the contractually agreed sharing of control over an economic activity.".
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4. Financial statements in which proportionate consolidation or the equity method is applied are not separate financial statements, nor are the financial statements of an entity that does not have a subsidiary, associate or venturer's interest in a jointly controlled entity.
5. Separate financial statements are those presented in addition to consolidated financial statements, financial statements in which investments are accounted for using the equity method and financial statements in which venturers' interests in joint ventures are proportionately consolidated. Separate financial statements need not be appended to, or accompany, those statements.
6. Entities that are exempted in accordance with paragraph 10 of IAS 27 from consolidation, paragraph 13(c) of IAS 28 Investments in Associates from applying the equity method or paragraph 2 of this Standard from applying proportionate consolidation or the equity method may present separate financial statements as their only financial statements.
Forms of Joint Venture
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7. Joint ventures take many different forms and structures. This Standard identifies three broad types-jointly controlled operations, jointly controlled assets and jointly controlled entities-that are commonly described as, and meet the definition of, joint ventures. The following characteristics are common to all joint ventures:
(a) two or more venturers are bound by a contractual arrangement; and
(b) the contractual arrangement establishes joint control.
Joint Control
8. Joint control may be precluded when an investee is in legal reorganisation or in bankruptcy, or operates under severe long-term restrictions on its ability to transfer funds to the venturer. If joint control is continuing, these events are not enough in themselves to justify not accounting for joint ventures in accordance with this Standard.
Contractual Arrangement
9. The existence of a contractual arrangement distinguishes interests that involve joint control from investments in associates in which the investor has significant influence (see IAS 28). Activities that have no contractual arrangement to establish joint control are not joint ventures for the purposes of this Standard.
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10. The contractual arrangement may be evidenced in a number of ways, for example by a contract between the venturers or minutes of discussions between the venturers. In some cases, the arrangement is incorporated in the articles or other by-laws of the joint venture. Whatever its form, the contractual arrangement is usually in writing and deals with such matters as:
(a) the activity, duration and reporting obligations of the joint venture;
(b) the appointment of the board of directors or equivalent governing body of the joint venture and the voting rights of the venturers;
(c) capital contributions by the venturers; and
(d) the sharing by the venturers of the output, income, expenses or results of the joint venture.
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