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Educational Material on Ind AS 31 Interests in Joint Ventures

Ind AS 31 Interests in Joint Ventures : Ind AS 31 Interests in Joint Ventures sets out the accounting for an entity’s interests in various forms of joint ventures: jointly controlled operations, jointly controlled assets, and jointly controlled entities. The standard permits jointly controlled entities to be accounted for using either the equity method or by proportionate consolidation. Ind AS 31 was reissued in December 2003, applies to annual periods beginning on or after 1 January 2005, and is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities with effect from annual periods beginning on or after 1 January 2013.

History of Ind AS 31

December 1989 Exposure Draft E35 Financial Reporting of Interests in Joint Ventures
December 1990 Ind AS 31 Financial Reporting of Interests in Joint Ventures
1 January 1992 Effective date of Ind AS 31 (1990)
1994 Ind AS 31 was reformatted
December 1998 Ind AS 31 was revised by Ind AS 39 effective 1 January 2001
18 December 2003 Revised version of Ind AS 31 issued by the Ind ASB
1 January 2005 Effective date of Ind AS 31 (Revised 2003)
13 September 2007 Exposure Draft ED 9 Joint Arrangements issued. Proposes to replace Ind AS 31 with a new standard titled Joint Arrangements.
10 January 2008 Some significant revisions of Ind AS 31 were adopted as a result of the Business Combinations Phase II Project relating to loss of joint control
22 May 2008 Ind AS 31 amended for Annual Improvements to IFRSs 2007 for certain disclosures and reversals of impairment losses (equity method)
1 January 2009 Effective date of the May 2008 revisions to Ind AS 31
1 July 2009 Effective date of the January 2008 revisions to Ind AS 31
12 May 2011 Ind AS 31 is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities effective 1 January 2013

Educational Material on Ind AS 31 Interests in Joint Ventures

Ind AS 31 Interests in Joint Ventures : Joint ventures take many different forms and structures. This Statement identifies three broad types – jointly controlled operations, jointly controlled assets and jointly controlled entities – which are commonly described as, and meet the definition of, joint ventures. The following characteristics are common to all joint ventures:

(a) two or more ventures are bound by a contractual arrangement; and

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(b) the contractual arrangement establishes joint control.

Key definitions of Ind AS 31 

Joint venture: a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.

Ventures: a party to a joint venture and has joint control over that joint venture.

Investor in a joint venture: a party to a joint venture and does not have joint control over that joint venture.

Control: the power to govern the financial and operating policies of an activity so as to obtain benefits from it.

Joint control: the contractually agreed sharing of control over an economic activity. Joint control exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the ventures.

Scope of Ind AS 31

Ind AS 31 applies to accounting for all interests in joint ventures and the reporting of joint venture assets, liabilities, income, and expenses in the financial statements of ventures and investors, regardless of the structures or forms under which the joint venture activities take place, except for investments held by a venture capital organisation, mutual fund, unit trust, and similar entity that (by election or requirement) are accounted for as under Ind AS 39 at fair value with fair value changes recognised in profit or loss. [Ind AS 31.1]

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Disclosure OF Ind AS 31

A venture is required to disclose:

  • Information about contingent liabilities relating to its interest in a joint venture. [Ind AS 31.54]
  • Information about commitments relating to its interests in joint ventures. [Ind AS 31.55]
  • A listing and description of interests in significant joint ventures and the proportion of ownership interest held in jointly controlled entities. A venture that recognises its interests in jointly controlled entities using the line-by-line reporting format for proportionate consolidation or the equity method shall disclose the aggregate amounts of each of current assets, long-term assets, current liabilities, long-term liabilities, income, and expenses related to its interests in joint ventures. [Ind AS 31.56]
  • The method it uses to recognise its interests in jointly controlled entities. [Ind AS 31.57]

Venture capital organisations or mutual funds that account for their interests in jointly controlled entities in accordance with Ind AS 39 must make the disclosures required by Ind AS 31.55-56. [Ind AS 31.1]

Relevant link to download the Educational Material:  Ind AS 31 Interests in Joint Ventures

Educational Material on Ind AS 31 Interests in Joint Ventures 

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