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IFRSclass.comTM |
| U.S. GAAP Codification | IFRS International Standards | Accounting Standards, ASC |
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International Accounting Standard (IAS) 31 |
| IFRS Accounting Topics |
| International Accounting Standard (IAS) 31 |
IAS 31 Interests
in Joint Ventures Issued in
December 1990 Revised in
December 2003 Recent amendment:
by IAS 27 amended in January 2008 |
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Three
types of joint ventures (1) jointly controlled operations (2) jointly controlled assets (3) jointly controlled entities |
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Common
characteristics of all joint ventures (1) a contractual arrangement --> establishes joint control (2) (two or more) venturers are bound --> by a contractual arrangement |
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What is a
joint control? --> the sharing of control over an economic activity --> the sharing is contractually agreed |
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What is a
joint venture? --> a contractual arrangement --> two or more parties --> participate in an economic activity --> under joint control |
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IAS
31 Technical Notes |
| IAS 40 - IAS 41 |
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IAS 40:
Investment property |
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IAS
40 Technical Notes |
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IAS 41:
Agriculture |
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