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Ias 28: Accounting for Associates

In: Business and Management

Submitted By jpstr130
Words 3919
Pages 16
| IAS 28: Accounting for Associates | |

Larry Richardson
6/16/2014
|

Corporations tend to invest in other entities for various reasons but the main reason is to increase their own profits. When corporations purchase stock in other corporations there has to be a way to account for this transaction and to do this IAS 28 was introduced as Exposure Draft E28, Accounting for Investments in Associates and Joint Ventures, in July, 1986. The history of IAS 28 is as follows in the table below which shows the last amendment being in 2011 with an effective date of January 1, 2013.
History of IAS 28 (as amended in 2011) July 1986 | Exposure Draft E28 Accounting for Investments in Associates and Joint Ventures | April 1989 | IAS 28 Accounting for Investments in Associates | 1 January 1990 | Effective date of IAS 28 (1989) | 1994 | IAS 28 was reformatted | December 1998 | IAS 28 was amended by IAS 39 Financial Instruments: Recognition and Measurement effective 1 January 2001 | 18 December 2003 | Revised version of IAS 28 issued by the IASB | 1 January 2005 | Effective date of IAS 28 (2003) | 10 January 2008 | Some significant revisions of IAS 28 as a result of the Business Combinations Phase II Project relating to loss of significant influence | 22 May 2008 | IAS 28 amended for Annual Improvements to IFRSs 2007 about impairment testing | 1 January 2009 | Effective date of May 2008 amendments to IAS 28 | 1 July 2009 | Effective date of January 2008 amendments to IAS 28 | 12 May 2011 | IAS 28 (as amended in 2011) Investments in Associates and Joint Ventures issued. This version supersedes IAS 28 (2003) Investments in Associates. | 1 January 2013 | Effective date of IAS 28 (as amended in 2011) | |

IAS applies to all investments in which an investor has significant influence but not control or joint control except for investments held...

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