Long-term Interests in Associates and Joint Ventures (Amendments to Ind AS 28) – (12-06-2018)
Long-term Interests in Associates and JointVentures (Amendments to Ind AS 28)
(Last date for the comments: 11th July, 2018)
Following is the Exposure Draft of Long-term Interests in Associates and Joint Ventures (Amendments to Ind AS 28) issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments.
The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
How to Comment
Comments should be submitted using one of the following methods, so as to receive not later than 11th July, 2018:
1 Electronically: Click on the below mentioned option to submit a comment letter or visit at the following link (Preferred method): http://www.icai.org/comments/asb/
2 Email: Comments can be sent at [email protected]
3 Postal: Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi – 110 002
Further clarifications on any aspect of this Exposure Draft may be sought by e-mail to [email protected]
Amendments to Ind AS 28, Investments in Associates and Joint Ventures
Paragraphs 14A and 45F–45J are added and paragraph 41 is deleted. Deleted text is struck through.
14A An entity also applies Ind AS 109 to other financial instruments in an associate or joint venture to which the equity method is not applied. These include long-term interests that, in substance, form part of the entity’s net investment in an associate or joint venture (see paragraph 38). An entity applies Ind AS 109 to such long-term interests before it applies paragraph 38 and paragraphs 40–43 of this Standard. In applying Ind AS 109, the entity does not take account of any adjustments to the carrying amount of long-term interests that arise from applying this Standard.
Application of the equity method
41 [Refer Appendix 1] The entity applies the impairment requirements in Ind AS 109 to its other interests in the associate or joint venture that are in the scope of Ind AS 109 and that do not constitute a part of the net investment
Effective date and transition
45F Long-term Interests in Associates and Joint Ventures, added paragraph 14A and deleted paragraph 41. An entity shall apply those amendments retrospectively in accordance with Ind AS 8 for annual reporting periods beginning on or after 1 April, 20191, except as specified in paragraphs 45G– 45J. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
45G An entity that first applies the amendments in paragraph 45F at the same time it first applies Ind AS 109 shall apply the transition requirements in Ind AS 109 to the long-term interests described in paragraph 14A.
45H An entity that first applies the amendments in paragraph 45F after it first
1 Since these amendments will be notified by the Ministry of Corporate Affairs (MCA), the effective date as mentioned in paragraph 45F, is subject to the notification of MCA with the same effective date.
Since the Notification was so long we have not mentioned full notification here, You can download full notification from below link:
To Download Notification Click Here:Long-term Interests in Associates and Joint Ventures (Amendments to Ind AS 28) – (12-06-2018)
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