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IFRS14.1 Under both EU-IFRS and FRS 102, an investor adjusts its share of the profits and losses of an associate for the effects of implicit goodwill and fair value adjustments (for example, by recognising additional amortisation and depreciation). Differences between EU-IFRS and FRS 102 may arise because of the different requirements for acquisition accounting (see Chapter 19 of this publication) and because of different requirements for amortisation and depreciation. For example, goodwill arising on the acquisition of an investment in an associate is not amortised under EU-IFRS.

IFRS14.2 Under EU-IFRS, when significant influence is lost the remaining investment is remeasured to fair value1_{. FRS 102} requires that, if significant influence is lost for reasons other than a partial disposal, and any retained interest is neither a subsidiary nor a joint venture, then the investor regards the carrying amount of the investment at the date that significant influence was lost as its cost. However, this apparent difference may not be as significant as it first appears. That is because FRS 102 will, in many cases, require the retained interest to be recorded as a financial instrument at fair value through profit or loss.

IFRS14.3 Under EU-IFRS, when an associate becomes a joint venture or a subsidiary, the investment is remeasured to fair value through profit or loss.

IFRS14.4 Under EU-IFRS, an optional exemption from equity accounting exists for investments in associates 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 associates held as part of an investment portfolio and is mandatory.

1 _{For entities applying IFRS 11, when an investor moves from having significant influence to having joint control, there is no remeasurement}

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Equity method

14.10 Under the equity method of accounting, the investment is recognised initially at the transaction price (including transaction costs). [FRS102.14.8] It is subsequently adjusted to reflect:

(a) The investor’s share of the profit or loss, other comprehensive income and equity of the associate. Note that the share of profit or loss is the share of the post-tax result of the associate from the bottom line of its income statement. Unless impractical to do so, this is taken from financial statements of the associate prepared to the same date as those of the investor and adjusted to reflect the investor’s accounting policies. Otherwise, the most recent financial statements of the associate are used, adjusted for significant transactions between its period end and that of the investor. The investor’s share of profit or loss and other comprehensive income and share of changes in equity are measured on the basis of present ownership interest; the possible exercise or conversion of potential voting rights is not taken into account.

(b) Distributions received reduce the carrying amount of the investment.

(c) Implicit goodwill and fair value adjustments. On acquisition, any difference (positive or negative) between the cost of acquisition and the investor’s share of the fair values of the net identifiable assets of the associate is accounted for as goodwill or negative goodwill in accordance with Section 19 Business combinations and goodwill. [FRS102.19.22-24] The investor’s share of the associate’s profits or losses recognised after acquisition is adjusted to take account of any additional amortisation of goodwill or depreciation and amortisation of fair value adjustments.

(d) Impairment. When an indicator of impairment exists the entire carrying amount of the investment (including any related goodwill) is tested for impairment as a single asset in accordance with Section 27.

(e) Investor’s transactions with associates. Profits or losses resulting from upstream (associate to investor) and downstream (investor to associate) transactions are eliminated to the extent of the investor’s interest in the associate. Losses on such transactions may provide evidence of an impairment of the asset transferred.

(f) Recognition of losses in the associate. When the investor’s share of losses of an associate equals or exceeds the carrying amount of its investment, the investor stops recognising its share of further losses. Once the investment is reduced to zero, the investor recognises additional losses as a provision in accordance with Section 21

Provisions and contingencies only to the extent that the investor has incurred legal or constructive obligations or has made payments on behalf of the associate. The investor recognises its share of any subsequent profits only after its share of profits equals its share of losses not recognised.

14.11 An entity may contribute a business or other non-monetary asset in return for an interest in an associate. 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. Paragraph 15.19 of this publication illustrates how goodwill is computed in this situation. [FRS102.9.31] Discontinuing the equity method

14.12 An investor stops using the equity method from the date that it ceases to have significant influence over its former associate. [FRS102.14.8(i)]

14.13 If an associate becomes a subsidiary, the investor derecognises its equity accounted investment on the date that it gains control and applies Section 19, save for the calculation of goodwill. Goodwill is recorded on the date that control is gained by adding together the goodwill arising on each tranche purchased. It is calculated as the difference between the cost of that tranche and the fair value (at the date of original purchase) of the identifiable assets and liabilities attributable to the tranche. In other words, the goodwill underlying the existing associate stake is not revalued (in a separate step the identifiable net assets are, however, revalued). Legal Appendix 4.17 to FRS 102 explains that this is an instance of the true and fair override (see paragraph 3.55 of this publication).

14.14 If significant influence is lost as a result of the investor’s disposing of some or all of its investment (‘a full or partial disposal’), a profit or loss will arise. This is comprised of two items: first, the difference between the proceeds received and the proportionate share of the carrying amount of the investment that is disposed of; and, second, any amounts previously recognised in other comprehensive income in relation to the associate that are required by other sections of the standard to be recycled to profit or loss on a disposal. Amounts recognised in other comprehensive income in relation to the associate that are not required to be so recycled are instead transferred within equity directly to retained earnings, if they were recognised originally in a different component of equity.

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14.15 The proportion of the carrying value retained is treated as the cost of any interest retained. Subsequently, any retained interest is accounted for using Section 11 Basic financial instruments or Section 12 Other financial instruments issues as appropriate. Section 12 will, in many cases, require the retained interest to be carried at fair value with movements recorded in the profit and loss account. Similarly, Section 11 may require certain retained interests to be measured at fair value. To the extent that there is a difference between the fair value of the retained interest and the proportionate share of the book value retained, an immediate gain or loss will arise.

14.16 If an investor loses significant influence for other reasons (i.e. other than having disposed of some or all of its investment) the carrying amount of the investment at that date is regarded as the cost of the retained interest which is accounted for using Section 11 or 12, as appropriate. Similar to paragraph 14.15 of this publication, the application of Section 11 or 12 may result in an immediate gain.

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ventures

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