Accounting changes for associates and joint ventures postponed
FINANCIAL REPORTING INSIGHTS |
In 2014, the International Accounting Standards Board (IASB) issued narrow-scope amendments to International Financial Reporting Standard 10, Consolidated Financial Statements, and International Accounting Standard 28, Investments in Associates and Joint Ventures (2011). The amendments addressed how an entity should determine any gain or loss it recognizes when assets are sold or contributed between the entity and an associate or joint venture in which it invests. Recently, the IASB postponed the effective date of these amendments until completion of a broader review that may result in the simplification of accounting for such transactions and of other aspects of accounting for associates and joint ventures.