IAS 31 — Interests In Joint Ventures [Superseded]
|
Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application of Part I was permitted. |
|
Published by the IASB: |
December 2003 |
|
Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
IAS 31 Interests in Joint Ventures sets out the accounting for an entity's interests in various forms of joint ventures: jointly controlled operations, jointly controlled assets, and jointly controlled entities. The standard permits jointly controlled entities to be accounted for using either the equity method or by proportionate consolidation.
IAS 31 is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities with effect from annual periods beginning on or after January 1, 2013.
History of IAS 31
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
|
Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2 |
|
January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
|
May 12, 2011 |
IAS 31 is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities effective January 1, 2013 |
IFRS 11 Joint Arrangements improves on IAS 31 Interests in Joint Ventures by establishing principles that are applicable to the accounting for all joint arrangements. The new standard supersedes the requirements in IAS 31 and SIC-13 Jointly Controlled Entities — Non-Monetary Contributions by Venturers.
IFRS 11 and IFRS 12 Disclosure of Interests in Other Entities are effective for annual periods beginning on or after January 1, 2013. Earlier application of IFRS 11 and IFRS 12 is permitted if IFRS 10 Consolidated Financial Statements, IAS 27 Separate Financial Statements (2011) and IAS 28 Invesments in Associates and Joint Ventures (2011) are applied at the same time. |
September 2011 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
Related Interpretations
- SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers. Superseded by IFRS 11 Joint Arrangements effective January 1, 2013
Related IFRIC Agenda Rejection Notices
- None
Amendments under consideration
- None