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Basis for Conclusions – Joint Arrangements –Sections 3051 and 3056

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Mar 30, 2015

On March 30, 2015, the Accounting Standards Board (AcSB) published a document setting out how it reached its conclusions.

As well, the document sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the AcSB dealt with the issues raised.

This document summarizes considerations that were deemed significant by the members of the Accounting Standards Board (AcSB) in reaching their conclusions in developing, Section 3056, Interests In Joint Arrangements, and amendments to Section 3051, Investments, in Part II of the CPA Canada Handbook – Accounting. Section 3056 replaces Section 3055, Interests In Joint Ventures.

Section 3056, which replaces Section 3055, carries forward much of the content of Section 3055. The AcSB used Section 3055 as a starting point and incorporated specific significant improvements into Section 3056, including eliminating the free choice in accounting for joint arrangements and simplifying the accounting for contributions and transactions.

Review the document.

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