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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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57 Paragraphs 8 and 9 are amended as follows (new text is underlined and deleted text is struck through):
8 The contributor shall determine whether it has control, or joint control of, or significant influence over, the fund by reference to AASB 127 AASB 10 Consolidated and Separate Financial Statements, AASB 11 Joint Arrangements and AASB 128 Investments in Associates and Joint Ventures, AASB 131 Interests in Joint Ventures and UIG Interpretation 112 Consolidation – Special Purpose Entities. If it does, the contributor shall account for its interest in the fund in accordance with those Standards.
9 If a contributor does not have control, or joint control of, or significant influence over, the fund, the contributor shall recognise the right to receive reimbursement from the fund as a reimbursement in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets. This reimbursement shall be measured at the lower of:
(a) ...
58 The heading ‘Effective Date of IFRIC 5’ before paragraph 14 is amended to ‘Effective Date’.
59 Paragraph 14B is added as follows:
14B AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards, issued in August 2011, amended paragraphs 8 and 9. An entity shall apply those amendments when it applies AASB 10 and AASB 11.