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International Accounting Standards (IAS)
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Accounting Standard (IAS) 31
Interests in Joint Ventures
International Financial
Reporting Standards (IFRS) |
|
International Accounting
Standards (IAS) |
|
U.S. GAAP by Topic,
Securities Law Library,
U.S. Tax Code by Section |
| International Accounting Standard (IAS) 31 |
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IAS 31 Interests
in Joint Ventures Issued in
December 1990 Revised in
December 2003 Recent amendment:
by IAS 27 amended in January 2008 |
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Three
types of joint ventures (1) jointly controlled operations (2) jointly controlled assets (3) jointly controlled entities |
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Common
characteristics of all joint ventures (1) a contractual arrangement --> establishes joint control (2) (two or more) venturers are bound --> by a contractual arrangement |
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What is a
joint control? --> the sharing of control over an economic activity --> the sharing is contractually agreed |
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What is a
joint venture? --> a contractual arrangement --> two or more parties --> participate in an economic activity --> under joint control |
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IAS
31 Technical Notes |
