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IAS 31 — Interests In Joint Ventures [Superseded]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IAS 31 is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities with effect from annual periods beginning on or after January 1, 2013.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IAS 31 is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities effective January 1, 2013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

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2.  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

Related IFRIC Agenda Rejection Notices

  • None

Amendments under consideration

  • None

Related Interpretations

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.