SIC-13 — Jointly Controlled Entities – Non-Monetary Contributions by Venturers [Superseded]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, except for subsequent amendments. Earlier application of Part I was permitted |
Published by the IASB: |
November 1998 |
Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
SIC-13 Jointly Controlled Entities - Non-Monetary Contributions by Ventures [Superseded]clarifies the circumstances in which the appropriate portion of gains or losses resulting from a contribution of a non-monetary asset to a jointly controlled entity (JCE) in exchange for an equity interest in the JCE should be recognized by the venturer in the income statement.
History of SIC 13
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 |
IFRS 11, Joint Arrangements and IFRS 12, Disclosure of Interests in Other Entities issued |
IAS 31, Interests in Joint Ventures and SIC 13 Jointly Controlled Entities — Non-Monetary Contributions by Venturers have been superseded by IFRS 11. Accordingly, IAS 31 and SIC 13 have been withdrawn. IFRS 11 and IFRS 12 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, IAS 27 Separate Financial Statements (2011) and IAS 28 Investments in Associates and Joint Ventures (2011) are applied at the same time. An entity is encouraged to provide information required by IFRS 12 earlier than annual periods beginning on or after January 1, 2013. |
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 Standards
Amendments under consideration
- None