Contrastación de los resultados con estudios similares

IFRS15.1 In its consolidated financial statements, IAS 31 requires a venturer to account for an interest in a JCE using either proportionate consolidation or the equity method.

IFRS15.2 In its individual financial statements, an investor has an accounting policy choice to account for investments in JCEs either at cost or by applying IAS 39.

IFRS15.3 Under EU-IFRS, an optional exemption from equity accounting exists for investments in JCEs held by venture capital organisations, 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. The equivalent exemption in FRS 102 applies to JCEs held as part of an investment portfolio and is mandatory.

Forthcoming requirements

IFRS15.4 IFRS 11 replaces IAS 31 for entities applying ‘full IFRS’ for accounting periods beginning on or after 1 January 2013. Under EU-IFRS, the effective date is 1 January 2014. Under IFRS 11, the option in IAS 31 to use proportionate consolidation is removed. In addition, IFRS 11 requires certain joint arrangements that are structured through an entity to be treated as joint operations (i.e. in a similar way to JCOs and JCAs) when they are set up in a way that gives the venturers rights to their assets, and obligations for their liabilities.

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15 Joint ventures |

Fair value model

15.9 Under the fair value model, at each reporting date the JCE is remeasured to fair value. Changes in fair value are recognised in accordance with paragraph 17.18 of this publication, i.e. through other comprehensive income so long as the fair value is above cost and through profit or loss when fair value is below cost. The cost model is used by an investor otherwise applying the fair value model when it is impracticable to measure fair value reliably without undue cost or effort. [FRS102.15.15]

15.10 Dividends and other distributions received from the JCE are recognised as income, regardless of whether distributions paid are from pre- or post-acquisition accumulated profits of the JCE. [FRS102.15.11,15A] Measurement – consolidated financial statements

15.11 In its consolidated financial statements, a venturer accounts for its investments in JCEs using the equity method, unless they are part of an investment portfolio (see below). [FRS102.15.9A]

15.12 In consolidated financial statements, JCEs held as part of an investment portfolio are measured at fair value with changes in fair value recognised in profit or loss, rather than being accounted for using the equity method. [FRS102.15.9B] A JCE is held as part of an investment portfolio if it is part of a basket of investments that is held (directly or indirectly) to benefit from changes in its fair value rather than as a vehicle through which the investor carries out business activities. When an investment fund holds an investment in another fund, which itself holds a basket of investments, that basket of investments is said to be held indirectly.

15.13 An investor in a joint venture that does not have joint control accounts for that investment in accordance with Section 11 Basic financial instruments or Section 12 Other financial instruments issues or, if it has significant influence in the joint venture, in accordance with Section 14 Investments in associates. [FRS102.15.18] Equity method

15.14 The accounting for a JCE using the equity method is the same as that for an associate, as set out in paragraph 14.10 of this publication. [FRS102.15.13]

Loss of joint control

15.15 An investor accounts for the loss of joint control over a JCE as for the loss of significant influence over an associate, as set out in paragraphs 14.12 to 14.16 of this publication, substituting ‘joint control’ for ‘significant influence’. [FRS102.15.13]

Transactions between a venturer and a joint venture

15.16 When a venturer contributes or sells assets to a joint venture, it recognises only the portion of the gain or loss attributable to the interests of the other venturers. However, if the sale or contribution provides evidence of an impairment loss then that loss is recognised by the venturer. [FRS102.15.16]

15.17 When a venturer purchases assets from a joint venture, the venturer does not recognise its share of the profits of the joint venture from the transaction until it resells the assets to an independent party. FRS 102 does not specify what it means by ‘independent party’. [FRS102.15.17]

15.18 An entity may contribute a business or other non-monetary asset in return for an interest in a joint venture. To the extent that it retains an interest in the business or asset contributed, that interest is treated as if it has continued to be owned by the entity throughout the transaction and is included at its pre-transaction carrying amount. The consideration given for the interest acquired includes the fair value of the part of the business or non-monetary asset contributed that is no longer held. Goodwill is computed on the acquired interest as the difference between the fair value of the consideration given and the fair value of the entity’s share of the net assets of the other entity that have been acquired. [FRS102.9.31] 15.19 For example, entities X and Y contribute their subsidiaries X1 and Y1 to a newly-formed JCE. In return, they each

obtain a 50 percent stake in the JCE. Before the transaction, the book value of X1’s net assets in X’s consolidated accounts are 100. The fair value of X1 is 150. Entity X continues to carry the 50 percent interest in X1 that it retains at its pre-transaction carrying amount of 50 (i.e. 50% x 100). In addition, it obtains 50 percent of Y1 for consideration of 50 percent of the fair value of X1, being 75 (50% x 150). It therefore records that 50 percent at 75 and computes goodwill based on the difference between 75 and the fair value of Y1’s identifiable net assets. X’s investment in the new JCE is therefore recorded at a total of 125 (50 + 75) and it records a gain of 25 on the disposal of 50 percent of X1 (50% x (fair value of 125 – book value of 100)).

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Investment