FRED 11: associates and joint ventures

Article Abstract:

The Accounting Standards Board's Financial Reporting Exposure Draft (FRED) No. 11 proposes guidelines for identifying and recording for associates and joint ventures. It prescribes the basis for reporting the impact of investors' interests in associates and joint ventures, which they use to conduct their activities, on their financial position and performance. The draft document defines an associate as an entity in which the investor has a participating interest and has considerable control over its operating and financial policies. A joint venture, on the other hand, is characterized as such if the entity is controlled jointly by the investor and other entities. The differences between the FRED 11 and SSAP 1 'Accounting for associated companies' and the Discussion Paper 'Associates and Joint Ventures' are discussed.

Investments

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Financial Reporting Standard 9: Associates and Joint Ventures

Article Abstract:

The Accounting Standards Board has released Financial Reporting Standard 9 governing associates and joint ventures. The standard includes definitions and accounting methods for associates and joint ventures and clarifies joint arrangements that are not entities. The definitions and accounting treatments are consistent with the board's treatment of accounting for subsidiaries as well as company legislation. Investors are required to treat associates and joint ventures as fixed asset investments either at cost less than any amounts written off or at a valuation when preparing financial statements. The standard also addresses accounting issues arising from joint control, participating interest, exercise of significant influence, impairment, investment funds and disclosures.

Accounting Methods, Reporting & Disclosure, Joint-Venture Management, Affiliated corporations, Management, Financial statements, Corporation reports, Company reports

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