tailieunhanh - Lecture IFRS primer international GAAP basics: Chapter 33 - Wiecek, Young

Chapter 33 - Interests in joint ventures: IAS 31. The main contents of the chapter consist of mains parts: Related standards, IAS 27, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Interests in Joint Ventures: IAS 31 Wiecek and Young IFRS Primer Chapter 33 Consolidated and Separate Financial Statements Related standards IAS 31 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards APB 18 The Equity Method of Accounting for Investments in Common Stock Related Standards SIC 13 Jointly Controlled Entities— Non-monetary Contributions by Venturers IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 – Overview Objective and scope Joint ventures Jointly controlled operations and jointly controlled assets Jointly controlled entities Disclosure IAS 31 – Objective and Scope Joint venture - a contractual arrangement where two or more parties share in an economic activity over which they have joint control Joint control - regardless of actual ownership rights, the strategic financial and operating decisions, by contract, require unanimous consent of the venturers control in this IFRS has the same meaning as in other related IFRSs Venturer - an entity that has joint control over a joint venture Investor in a joint venture - a party to the venture without joint control Exceptions to IAS 31 venturers’ interests in jointly controlled entities held by venture capital organizations or mutual funds, unit trusts, and similar organizations that are accounted for at FVTPL IAS 31 – Joint Ventures Variety of forms - jointly controlled operations, assets, or entities Joint control by at least two parties must be contractually established may be set out in the articles of incorporation or bylaws of the joint venture less formally through documentation of meetings between the venturers Contractual agreement: usually in writing sets out the governance structure of the joint venture the capital to be supplied by each venturer how the output, income, and expenses will be shared the purpose and duration of the venture IAS 31 – Jointly . | Interests in Joint Ventures: IAS 31 Wiecek and Young IFRS Primer Chapter 33 Consolidated and Separate Financial Statements Related standards IAS 31 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards APB 18 The Equity Method of Accounting for Investments in Common Stock Related Standards SIC 13 Jointly Controlled Entities— Non-monetary Contributions by Venturers IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 – Overview Objective and scope Joint ventures Jointly controlled operations and jointly controlled assets Jointly controlled entities Disclosure IAS 31 – Objective and Scope Joint venture - a contractual arrangement where two or more parties share in an economic activity over which they have joint control Joint control - regardless of actual ownership rights, the strategic financial and operating decisions, by contract, require unanimous consent of .