AASB 131 (As applicable 1 July 2009)AASB 131 (As applicable 1 July 2009)

AASB 131 (As applicable 1 July 2009)

31 Paragraphs 1, 45-45B and 51 of AASB 131 (July 2004, as applicable for annual reporting periods beginning on or after 1 July 2009) are amended and paragraph 58C is added as follows:

1 This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to venturers’ interests in jointly controlled entities held by:

(a) venture capital organisations, or

(b) mutual funds, unit trusts and similar entities including investment-linked insurance funds

that are measured upon initial recognition are designated as at fair value through profit or loss or are classified as held for trading and accounted for in accordance with AASB 9 Financial Instruments and AASB 139 Financial Instruments: Recognition and Measurement. An entity shall measure such Such investments shall be measured at fair value through profit or loss in accordance with AASB 9 AASB 139, with changes in fair value recognised in profit or loss in the period of the change. A venturer holding such an interest shall make the disclosures required by paragraphs 55 and 56.

45 When an investor ceases to have joint control over an entity, it shall account for any remaining investment in accordance with AASB 9 and AASB 139 from that date, provided that the former jointly controlled entity does not become a subsidiary or associate. From …

45A When an investment ceases to be a jointly controlled entity and is accounted for in accordance with AASB 9 and AASB 139, the fair value of the investment when it ceases to be a jointly controlled entity shall be regarded as its fair value on initial recognition as a financial asset in accordance with AASB 9 AASB 139.

45B If an investor loses joint control of an entity, … For example, if a jointly controlled entity has cumulative exchange differences relating to a foreign operation available-for-sale financial assets and the investor loses joint control of the entity, the investor shall reclassify to profit or loss the gain or loss previously recognised in other comprehensive income in relation to the foreign operation those assets. If ...

51 An investor in a joint venture that does not have joint control shall account for that investment in accordance with AASB 9 and AASB 139 or, if it has significant influence in the joint venture, in accordance with AASB 128.

58C AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9, issued in December 2009, amended paragraphs 1, 45-45B and 51. An entity shall apply those amendments when it applies AASB 9.