CONTENTS

COMPILATION DETAILS

Comparison With IAS 31

Accounting Standard

AASB 131 Interests in Joint Ventures

Paragraphs

Application Aus1.1 – Aus1.7

Reduced Disclosure Requirements Aus1.8 – Aus1.9

Scope 1 – Aus2.1

Definitions 3 – 6

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 – 29

Financial Statements of a Venturer

Proportionate Consolidation 30 – 37

Equity Method 38 – 41

Exceptions to Proportionate Consolidation and Equity Method42 – 45B

Separate Financial Statements of a Venturer 46 – 47

Transactions Between a Venturer and a Joint Venture 48 – 50

Reporting Interests in Joint Ventures in the Financial Statements of an Investor 51

Operators of Joint Ventures 52 – 53

Disclosure

Interests in Joint Ventures 54 – 57

Effective Date and Transition 58A – 58E

ENDNOTES Page 26

IMPLEMENTATION GUIDANCE

(see AASB 127 Consolidated and Separate Financial Statements)

BASIS FOR CONCLUSIONS ON IAS 31

(available on the AASB website)

Australian Accounting Standard AASB 131 Interests in Joint Ventures (as amended) is set out in paragraphs Aus1.1 – 58E and the Endnotes. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 131 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.