Associates and Joint Ventures - Accounting and Finance Assignment Help

Assignment Task

CHAPTER AIM

This chapter discusses the application of AASB 128/IAS 28 Investments in Associates and Joint Ventures. The objectives of this standard are to prescribe the accounting for investments in associates and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.

LEARNING OBJECTIVES After studying this chapter, you should be able to:

31.1 explain the nature of associates and joint ventures

31.2 discuss the concepts of significant influence and joint control

31.3 explain the rationale for the equity method and the different sets of financial statements in which it may be applied

31.4 apply the equity method to an investment in an associate

31.5 adjust the application of the equity method for fair value/carrying amount differences of identifiable assets and liabilities at acquisition date and account for goodwill or gain on bargain purchase at acquisition

31.6 account for the effects of inter-entity transactions

31.7 account for associates and joint ventures where these entities incur losses

31.8 discuss the disclosures required in relation to associates and joint ventures.

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