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AASB 2011-7 - Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards - August 2011
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55 Paragraphs 10.5-10.7 are amended as follows (new text is underlined and deleted text is struck through):
10.5 Investments in associates that:
(a) are defined by AASB 128 Investments in Associates and Joint Ventures;
(b) …
10.5.1 An insurer applies AASB 128 to its investments in associates. AASB 128 requires investments in associates to be accounted for using the equity method. When but it does not apply to investments in associates are held by mutual funds, unit trusts and similar entities including investment-linked insurance funds, AASB 128 permits the investments in those associates to be measured at fair value through profit or loss in accordance with AASB 139 that are treated under AASB 139 and designated as “at fair value through profit or loss”.
10.6 Venturers’ interests in jointly controlled entities joint ventures that:
(a) are defined by AASB 131 Interests in Joint Ventures AASB 11 Joint Arrangements;
(b) …
10.6.1 Entities apply AASB 131 to interests in joint ventures. AASB 131 requires investments in joint ventures to be proportionately consolidated or to be accounted for using the equity method. AASB 11 requires a joint venturer to recognise its interest in a joint venture as an investment and to account for that investment using the equity method in accordance with AASB 128 unless exempted from applying that method. However, AASB 131 does not apply to venturers’ interests in jointly controlled entities held by AASB 128 permits mutual funds, unit trusts and similar entities including investment-linked insurance funds to measure investments in joint ventures at fair value through profit or loss in accordance with AASB 139 that are treated under AASB 139 and designated as “at fair value through profit or loss”.
10.7 When preparing separate financial statements, those investments in subsidiaries, jointly controlled entities joint ventures and associates that:
(a) are within the scope of AASB 127 Consolidated and Separate Financial Statements;
(b) …
56 In paragraphs 10.7.1 and 10.7.2, ‘jointly controlled entities’ is amended to ‘joint ventures’.