International Accounting Standard 31: Interests in joint ventures

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 31 Financial Reporting of Interests in Joint Ventures was issued by the International Accounting Standards Committee in December 1990, and reformatted in 1994. Limited amendments to IAS 31 were made in 1998, 1999 and 2000. | IAS 31 International Accounting Standard 31 Interests in Joint Ventures This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 31 Financial Reporting of Interests in Joint Ventures was issued by the International Accounting Standards Committee in December 1990, and reformatted in 1994. Limited amendments to IAS 31 were made in 1998, 1999 and 2000. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003 the IASB issued a revised IAS 31 with a new title—Interests in Joint Ventures. Since then, IAS 31 and its accompanying documents have been amended by the following IFRSs: • IFRS 3 Business Combinations (issued March 2004) • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) • IAS 27 Consolidated and Separate Financial Statements (as amended in January 2008)* • Improvements to IFRSs (issued May 2008).† IAS 1 Presentation of Financial Statements (as revised in September 2007)† amended the terminology used throughout IFRSs, including IAS 31. The following Interpretations refer to IAS 31: • SIC-13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers (issued December 1998 and subsequently amended) • IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (issued December 2004). * effective date 1 July 2009 † effective date 1 January 2009 © IASCF 1527 IAS 31 CONTENTS paragraphs INTRODUCTION IN1–IN10 INTERNATIONAL ACCOUNTING STANDARD 31 INTERESTS IN JOINT VENTURES SCOPE 1–2 DEFINITIONS 3–12 Forms of joint venture 7 Joint control 8 Contractual arrangement 9–12 JOINTLY CONTROLLED OPERATIONS 13–17 JOINTLY CONTROLLED ASSETS 18–23 JOINTLY CONTROLLED ENTITIES 24–47 Financial statements of a .