Proportionate consolidation governs reporting of a venturer's share of joint venture assets, liabilities, income and expenses in consolidation. The Standard requires venturers to account for interests in joint ventures according to their form: for jointly controlled operations and assets, recognise the venturer's share of assets, liabilities, income and expenses in separate and consolidated statements without further consolidation adjustments; for jointly controlled entities, account as an investment in separate statements and generally apply proportionate consolidation in consolidated statements, subject to exclusions for near-term disposal intentions and severe transfer restrictions, and to disclose contingent liabilities, commitments, significant joint ventures and related aggregate amounts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Proportionate consolidation governs reporting of a venturer's share of joint venture assets, liabilities, income and expenses in consolidation.
The Standard requires venturers to account for interests in joint ventures according to their form: for jointly controlled operations and assets, recognise the venturer's share of assets, liabilities, income and expenses in separate and consolidated statements without further consolidation adjustments; for jointly controlled entities, account as an investment in separate statements and generally apply proportionate consolidation in consolidated statements, subject to exclusions for near-term disposal intentions and severe transfer restrictions, and to disclose contingent liabilities, commitments, significant joint ventures and related aggregate amounts.
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