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IAS 28
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IASCF 1461
International Accounting Standard 28
Investments in Associates
This version includes amendments resulting from IFRSs issued up to 17 January 2008.
IAS 28 Accounting for Investments in Associates was issued by the International Accounting
Standards Committee in April 1989. It replaced those parts of IAS 3 Consolidated Financial
Statements (issued in June 1976) that had not been replaced by IAS 27. IAS 28 was
reformatted in 1994, and amended in 1998, 1999 and 2000.
The Standing Interpretations Committee developed three Interpretations relating to IAS 28:
•SIC-3 Elimination of Unrealised Profits and Losses on Transactions with Associates
(issued December 1997)
•SIC-20 Equity Accounting Method—Recognition of Losses (issued July 2000)
•SIC-33 Consolidation and Equity Method—Potential Voting Rights and Allocation of Ownership
Interests (issued December 2001).
In April 2001 the International Accounting Standards Board (IASB) resolved that all
Standards and Interpretations issued under previous Constitutions continued to be
applicable unless and until they were amended or withdrawn.
In December 2003 the IASB issued a revised IAS 28 with a new title—Investments in Associates.
The revised standard also replaced SIC-3, SIC-20 and SIC-33.
Since then, IAS 28 has been amended by the following IFRSs:
•IFRS 3 Business Combinations (issued March 2004)
•IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004)
•IAS 1 Presentation of Financial Statements (as revised in September 2007)
•IFRS 3 Business Combinations (as revised in January 2008)
•IAS 27 Consolidated and Separate Financial Statements (as amended in January 2008).
The following Interpretation refers to IAS 28:
•IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds (issued December 2004).
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C
ONTENTS
paragraphs
INTRODUCTION IN1–IN15
INTERNATIONAL ACCOUNTING STANDARD 28
INVESTMENTS IN ASSOCIATES
SCOPE 1
DEFINITIONS 2–12
Significant influence 6–10
Equity method 11–12
APPLICATION OF THE EQUITY METHOD 13–34
Impairment losses 31–34
SEPARATE FINANCIAL STATEMENTS 35–36
DISCLOSURE 37–40
EFFECTIVE DATE 41–41B
WITHDRAWAL OF OTHER PRONOUNCEMENTS 42–43
APPENDIX
Amendments to other pronouncements
APPROVAL OF IAS 28 BY THE BOARD
BASIS FOR CONCLUSIONS
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International Accounting Standard 28 Investments in Associates (IAS 28) is set out in
paragraphs 1–43 and the Appendix. All the paragraphs have equal authority but retain
the IASC format of the Standard when it was adopted by the IASB. IAS 28 should be read
in the context of the Basis for Conclusions, the Preface to International Financial Reporting
Standards and the Framework for the Preparation and Presentation of Financial Statements.
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for
selecting and applying accounting policies in the absence of explicit guidance.
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Introduction
IN1 International Accounting Standard 28 Investments in Associates replaces IAS 28
Accounting for Investments in Associates (revised in 2000) and should be applied for
annual periods beginning on or after 1 January 2005. Earlier application is
encouraged. The Standard also replaces the following Interpretations:
•SIC-3 Elimination of Unrealised Profits and Losses on Transactions with Associates
•SIC-20 Equity Accounting Method—Recognition of Losses
•SIC-33 Consolidation and Equity Method—Potential Voting Rights and Allocation of
Ownership Interests.
Reasons for revising IAS 28
IN2 The International Accounting Standards Board developed this revised IAS 28 as
part of its project on Improvements to International Accounting Standards.
The project was undertaken in the light of queries and criticisms raised in
relation to the Standards by securities regulators, professional accountants and
other interested parties. The objectives of the project were to reduce or eliminate
alternatives, redundancies and conflicts within the Standards, to deal with some
convergence issues and to make other improvements.
IN3 For IAS 28 the Board’s main objective was to reduce alternatives in the application
of the equity method and in accounting for investments in associates in separate
financial statements. The Board did not reconsider the fundamental approach
when accounting for investments in associates using the equity method
contained in IAS 28.
The main changes
IN4 The main changes from the previous version of IAS 28 are described below.
Scope
IN5 The Standard does not apply to investments that would otherwise be associates or
interests of venturers in jointly controlled entities held by venture capital
organisations, mutual funds, unit trusts and similar entities when those
investments are classified as held for trading and accounted for in accordance
with IAS 39 Financial Instruments: Recognition and Measurement. Those investments
are measured at fair value, with changes in fair value recognised in profit or loss
in the period in which they occur.
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IN6 Furthermore, the Standard provides exemptions from application of the equity
method similar to those provided for certain parents not to prepare consolidated
financial statements. These exemptions include when the investor is also a
parent exempt in accordance with IAS 27 Consolidated and Separate Financial
Statements from preparing consolidated financial statements (paragraph 13(b)),
and when the investor, though not such a parent, can satisfy the same type of
conditions that exempt such parents (paragraph 13(c)).
Significant influence
Potential voting rights
IN7 An entity is required to consider the existence and effect of potential voting rights
currently exercisable or convertible when assessing whether it has the power to
participate in the financial and operating policy decisions of the investee. This
requirement was previously included in SIC-33, which has been superseded.
Equity method
IN8 The Standard clarifies that investments in associates over which the investor has
significant influence must be accounted for using the equity method whether or
not the investor also has investments in subsidiaries and prepares consolidated
financial statements. However, the investor does not apply the equity method
when presenting separate financial statements prepared in accordance with
IAS 27.
Exemption from applying the equity method
IN9 The Standard does not require the equity method to be applied when an associate
is acquired and held with a view to its disposal within twelve months of
acquisition. There must be evidence that the investment is acquired with the
intention to dispose of it and that management is actively seeking a buyer.
The words ‘in the near future’ were replaced with the words ‘within twelve
months’. When such an associate is not disposed of within twelve months it must
be accounted for using the equity method as from the date of acquisition, except
in narrowly specified circumstances.
*
IN10 The Standard does not permit an investor that continues to have significant
influence over an associate not to apply the equity method when the associate is
operating under severe long-term restrictions that significantly impair its ability
to transfer funds to the investor. Significant influence must be lost before the
equity method ceases to be applicable.
* In March 2004, the Board issued IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
IFRS 5 removes this scope exclusion and now eliminates the exemption from applying the equity
method when significant influence over an associate is intended to be temporary. See IFRS 5 Basis
for Conclusions for further discussion.
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Elimination of unrealised profits and losses on transactions with
associates
IN11 Profits and losses resulting from ‘upstream’ and ‘downstream’ transactions
between an investor and an associate must be eliminated to the extent of the
investor’s interest in the associate. The consensus in SIC-3 has been incorporated
into the Standard.
Non-coterminous year-ends
IN12 When financial statements of an associate used in applying the equity method are
prepared as at the end of the reporting period that is different from that of the
investor, the difference must be no greater than three months.
Uniform accounting policies
IN13 The Standard requires an investor to make appropriate adjustments to the
associate’s financial statements to conform them to the investor’s accounting
policies for reporting like transactions and other events in similar circumstances.
The previous version of IAS 28 provided an exception to this requirement when it
was ‘not practicable to use uniform accounting policies’.
Recognition of losses
IN14 An investor must consider the carrying amount of its investment in the equity of
the associate and its other long-term interests in the associate when recognising
its share of losses of the associate. SIC-20 limited the recognition of the investor’s
share of losses to the carrying amount of its investment in the equity of the
associate. Therefore, that Interpretation has been superseded.
Separate financial statements
IN15 The requirements for the preparation of an investor’s separate financial
statements are established by reference to IAS 27.
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International Accounting Standard 28
Investments in Associates
Scope
1 This Standard shall be applied in accounting for investments in associates.
However, it does not apply to investments in associates held by:
(a) venture capital organisations, or
(b) mutual funds, unit trusts and similar entities including investment-linked
insurance funds
that upon initial recognition are designated as at fair value through profit or loss
or are classified as held for trading and accounted for in accordance with IAS 39
Financial Instruments: Recognition and Measurement
. Such investments shall be
measured at fair value in accordance with IAS 39, with changes in fair value
recognised in profit or loss in the period of the change.
Definitions
2 The following terms are used in this Standard with the meanings specified:
An associate is an entity, including an unincorporated entity such as a partnership,
over which the investor has significant influence and that is neither a subsidiary
nor an interest in a joint venture.
Consolidated financial statements are the financial statements of a group presented
as those of a single economic entity.
Control is the power to govern the financial and operating policies of an entity so
as to obtain benefits from its activities.
The equity method is a method of accounting whereby the investment is initially
recognised at cost and adjusted thereafter for the post-acquisition change in the
investor’s share of net assets of the investee. The profit or loss of the investor
includes the investor’s share of the profit or loss of the investee.
Joint control is the contractually agreed sharing of control over an economic
activity, and exists only when the strategic financial and operating decisions
relating to the activity require the unanimous consent of the parties sharing
control (the venturers).
Separate financial statements are those presented by a parent, an investor in an
associate or a venturer in a jointly controlled entity, in which the investments are
accounted for on the basis of the direct equity interest rather than on the basis of
the reported results and net assets of the investees.
Significant influence is the power to participate in the financial and operating
policy decisions of the investee but is not control or joint control over those
policies.
A subsidiary is an entity, including an unincorporated entity such as a partnership,
that is controlled by another entity (known as the parent).
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3 Financial statements in which the equity method is applied are not separate
financial statements, nor are the financial statements of an entity that does not
have a subsidiary, associate or venturer’s interest in a joint venture.
4 Separate financial statements are those presented in addition to consolidated
financial statements, financial statements in which investments are accounted
for using the equity method and financial statements in which venturers’
interests in joint ventures are proportionately consolidated. Separate financial
statements may or may not be appended to, or accompany, those financial
statements.
5 Entities that are exempted in accordance with paragraph 10 of IAS 27 Consolidated
and Separate Financial Statements from consolidation, paragraph 2 of IAS 31 Interests
in Joint Ventures from applying proportionate consolidation or paragraph 13(c) of
this Standard from applying the equity method may present separate financial
statements as their only financial statements.
Significant influence
6 If an investor holds, directly or indirectly (eg through subsidiaries), 20 per cent or
more of the voting power of the investee, it is presumed that the investor has
significant influence, unless it can be clearly demonstrated that this is not the
case. Conversely, if the investor holds, directly or indirectly (eg through
subsidiaries), less than 20 per cent of the voting power of the investee, it is
presumed that the investor does not have significant influence, unless such
influence can be clearly demonstrated. A substantial or majority ownership by
another investor does not necessarily preclude an investor from having
significant influence.
7 The existence of significant influence by an investor is usually evidenced in one
or more of the following ways:
(a) representation on the board of directors or equivalent governing body of
the investee;
(b) participation in policy-making processes, including participation in
decisions about dividends or other distributions;
(c) material transactions between the investor and the investee;
(d) interchange of managerial personnel; or
(e) provision of essential technical information.
8 An entity may own share warrants, share call options, debt or equity instruments
that are convertible into ordinary shares, or other similar instruments that have
the potential, if exercised or converted, to give the entity additional voting power
or reduce another party’s voting power over the financial and operating policies
of another entity (ie potential voting rights). The existence and effect of potential
voting rights that are currently exercisable or convertible, including potential
voting rights held by other entities, are considered when assessing whether an
entity has significant influence. Potential voting rights are not currently
exercisable or convertible when, for example, they cannot be exercised or
converted until a future date or until the occurrence of a future event.

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