IAS Plus: SIC 3, Transactions with Associates

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SIC 3 Elimination of Unrealised Profits and Losses on Transactions with Associates
— Superseded —

References

IAS 28, Investments in Associates

History

Issued December 1997.
Effective date: Periods beginning on or after 1 June 1998.
Superseded by IAS 28 (Revised 2003) effective for annual financial reporting periods beginning 1 January 2005.

SUMMARY OF SIC 3

Under IAS 28.16, unrealised gains and losses resulting from transactions with associates should be eliminated proportionately. This is consistent with the application of the equity method for joint ventures as required by IAS 31.39 and .40.

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