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Saturday 13 February 2016

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IFRS Interpretations Committee

IAS 28 Investments in Associates and Joint Ventures: Elimination of gains or losses arising from transactions between an entity and its associate or joint venture


 Narrow-scope amendments

IAS 28 Investments in Associates and Joint Ventures: Elimination of gains or losses arising from transactions between an entity and its associate or joint venture

The objective is to clarify the accounting for a ‘downstream’ transaction between an entity and its associate or joint venture when the gain from the transaction exceeds the carrying amount of the entity’s interest in the associate or joint venture. At its January 2015 meeting the IASB decided to combine this issue with a project entitled ‘Transactions between an Entity and its Associate or Joint Venture'. At its June 2015 meeting, the IASB decided to suspend work on these proposals and to consider these issues as part of a wider research project on the equity method of accounting.

At its July 2015 meeting the IASB decided to defer earlier amendments to IFRS 10 and IAS 28—Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.

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