IAS 28

International Accounting Standard 28

Investments in Associates and Joint

Ventures
In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting
for Investments in Associates, which had originally been issued by the International Accounting
Standards Committee in April 1989. IAS 28 Accounting for Investments in Associates replaced
those parts of IAS 3 Consolidated Financial Statements (issued in June 1976) that dealt with
accounting for investment in associates.
In December 2003, the IASB issued a revised IAS 28 with a new titleInvestments in Associates.
This revised IAS 28 was part of the IASBs initial agenda of technical projects and also
incorporated the guidance contained in three related Interpretations (SIC-3 Elimination of
Unrealised Profits and Losses on Transactions with Associates, SIC-20 Equity Accounting Method
Recognition of Losses and SIC-33 Consolidation and Equity MethodPotential Voting Rights and
Allocation of Ownership Interests).
Other IFRSs have made minor consequential amendments to IAS 28. They include IFRS 3
Business Combinations (issued March 2004 and as revised in January 2008), IAS 1 Presentation of
Financial Statements (as revised in September 2007), IAS 27 Consolidated and Separate Financial
Statements (as amended in January 2008) and Improvements to IFRSs (issued May 2008 and May
2010).

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CONTENTS
from paragraph

INTRODUCTION

IN1

INTERNATIONAL ACCOUNTING STANDARD 28

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
OBJECTIVE

SCOPE

DEFINITIONS

SIGNIFICANT INFLUENCE

EQUITY METHOD

10

APPLICATION OF THE EQUITY METHOD

16

Exemptions from applying the equity method

17

Classification as held for sale

20

Discontinuing the use of the equity method

22

Changes in ownership interest

25

Equity method procedures

26

Impairment losses

40

SEPARATE FINANCIAL STATEMENTS

44

EFFECTIVE DATE AND TRANSITION

45

References to IFRS 9

46

WITHDRAWAL OF IAS 28 (2003)

47

FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS

EDITION
APPROVAL BY THE BOARD OF IAS 28 ISSUED IN DECEMBER 2003
BASIS FOR CONCLUSIONS
DISSENTING OPINION
TABLE OF CONCORDANCE

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International Accounting Standard 28 Investments in Associates and Joint Ventures (IAS 28) is
set out in paragraphs 147. All the paragraphs have equal authority but retain the IASC
format of the Standard when it was adopted by the IASB. IAS 28 should be read in the
context of its objective and the Basis for Conclusions, the Preface to International Financial
Reporting Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying
accounting policies in the absence of explicit guidance.

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Introduction
IN1

International Accounting Standard 28 Investments in Associates and Joint Ventures

(IAS 28) prescribes the accounting for investments in associates and sets out the
requirements for the application of the equity method when accounting for
investments in associates and joint ventures.

IN2

The Standard is effective for annual periods beginning on or after 1 January

2013. Earlier application is permitted.

Main features of the Standard

IN3

IAS 28 (as amended in 2011) is to be applied by all entities that are investors with
joint control of, or significant influence over, an investee.

IN4

The Standard defines significant influence as the power to participate in the

financial and operating policy decisions of the investee but is not control or
joint control of those policies.

IN5

IFRS 11 Joint Arrangements establishes principles for the financial reporting of

parties to joint arrangements. It defines joint control as the contractually
agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties
sharing control.

IN6

An entity applies IFRS 11 to determine the type of joint arrangement in which it

is involved. Once it has determined that it has an interest in a joint venture, the
entity recognises an investment and accounts for it using the equity method in
accordance with IAS 28 (as amended in 2011), unless the entity is exempted from
applying the equity method as specified in the Standard.

Equity method
IN7

The Standard defines the equity method as a method of accounting whereby the
investment is initially recognised at cost and adjusted thereafter for the
post-acquisition change in the investors share of net assets of the investee. The
profit or loss of the investor includes its share of the profit or loss of the investee
and the other comprehensive income of the investor includes its share of other
comprehensive income of the investee.

IN8

An entity uses the equity method to account for its investments in associates or
joint ventures in its consolidated financial statements. An entity that does not
have any subsidiaries also uses the equity method to account for its investments
in associates or joint ventures in its financial statements even though those are
not described as consolidated financial statements.
The only financial
statements to which an entity does not apply the equity method are separate
financial statements it presents in accordance with IAS 27 Separate Financial
Statements.

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Exemptions from applying the equity method

IN9

The Standard provides exemptions from applying the equity method similar to
those provided in IFRS 10 Consolidated Financial Statements for parents not to
prepare consolidated financial statements.

IN10

The Standard also provides exemptions from applying the equity method when
the investment in the associate or joint venture is held by, or is held indirectly
through, venture capital organisations, or mutual funds, unit trusts and similar
entities including investment-linked insurance funds. Those investments in
associates and joint ventures may be measured at fair value through profit or
loss in accordance with IFRS 9 Financial Instruments.

Disclosure
IN11

The disclosure requirements for entities with joint control of, or significant
influence over, an investee are specified in IFRS 12 Disclosure of Interests in Other

Entities.

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International Accounting Standard 28

Investments in Associates and Joint Ventures
Objective
1

The objective of this Standard is 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.

Scope
2

This Standard shall be applied by all entities that are investors with joint
control of, or significant influence over, an investee.

Definitions
3

The following terms are used in this Standard with the meanings
specified:
An associate is an entity over which the investor has significant influence.

Consolidated financial statements are the financial statements of a group

in which assets, liabilities, equity, income, expenses and cash flows of the
parent and its subsidiaries are presented as those of a single economic
entity.
The equity method is a method of accounting whereby the investment is
initially recognised at cost and adjusted thereafter for the
post-acquisition change in the investors share of the investees net assets.
The investors profit or loss includes its share of the investees profit or
loss and the investors other comprehensive income includes its share of
the investees other comprehensive income.
A joint arrangement is an arrangement of which two or more parties
have joint control.

Joint control is the contractually agreed sharing of control of an

arrangement, which exists only when decisions about the relevant
activities require the unanimous consent of the parties sharing control.
A joint venture is a joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the
arrangement.
A joint venturer is a party to a joint venture that has joint control of that
joint venture.

Significant influence is the power to participate in the financial and

operating policy decisions of the investee but is not control or joint
control of those policies.

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4

The following terms are defined in paragraph 4 of IAS 27 Separate Financial

Statements and in Appendix A of IFRS 10 Consolidated Financial Statements and are
used in this Standard with the meanings specified in the IFRSs in which they are
defined:

control of an investee

group

parent

separate financial statements

subsidiary.

Significant influence
5

If an entity holds, directly or indirectly (eg through subsidiaries), 20 per cent or

more of the voting power of the investee, it is presumed that the entity has
significant influence, unless it can be clearly demonstrated that this is not the
case. Conversely, if the entity holds, directly or indirectly (eg through
subsidiaries), less than 20 per cent of the voting power of the investee, it is
presumed that the entity does not have significant influence, unless such
influence can be clearly demonstrated. A substantial or majority ownership by
another investor does not necessarily preclude an entity from having significant
influence.

The existence of significant influence by an entity is usually evidenced in one or

more of the following ways:
(a)

representation on the board of directors or equivalent governing body of

the investee;

(b)

participation in policy-making processes, including participation in

decisions about dividends or other distributions;

(c)

material transactions between the entity and its investee;

(d)

interchange of managerial personnel; or

(e)

provision of essential technical information.

An entity may own share warrants, share call options, debt or equity
instruments that are convertible into ordinary shares, or other similar
instruments that have the potential, if exercised or converted, to give the entity
additional voting power or to reduce another partys voting power over the
financial and operating policies of another entity (ie potential voting rights).
The existence and effect of potential voting rights that are currently exercisable
or convertible, including potential voting rights held by other entities, are
considered when assessing whether an entity has significant influence.
Potential voting rights are not currently exercisable or convertible when, for
example, they cannot be exercised or converted until a future date or until the
occurrence of a future event.

In assessing whether potential voting rights contribute to significant influence,

the entity examines all facts and circumstances (including the terms of exercise
of the potential voting rights and any other contractual arrangements whether

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considered individually or in combination) that affect potential rights, except
the intentions of management and the financial ability to exercise or convert
those potential rights.
9

An entity loses significant influence over an investee when it loses the power to
participate in the financial and operating policy decisions of that investee. The
loss of significant influence can occur with or without a change in absolute or
relative ownership levels. It could occur, for example, when an associate
becomes subject to the control of a government, court, administrator or
regulator. It could also occur as a result of a contractual arrangement.

Equity method
10

Under the equity method, on initial recognition the investment in an associate

or a joint venture is recognised at cost, and the carrying amount is increased or
decreased to recognise the investors share of the profit or loss of the investee
after the date of acquisition. The investors share of the investees profit or loss
is recognised in the investors profit or loss. Distributions received from an
investee reduce the carrying amount of the investment. Adjustments to the
carrying amount may also be necessary for changes in the investors
proportionate interest in the investee arising from changes in the investees
other comprehensive income. Such changes include those arising from the
revaluation of property, plant and equipment and from foreign exchange
translation differences. The investors share of those changes is recognised in
the investors other comprehensive income (see IAS 1 Presentation of Financial
Statements).

11

The recognition of income on the basis of distributions received may not be an

adequate measure of the income earned by an investor on an investment in an
associate or a joint venture because the distributions received may bear little
relation to the performance of the associate or joint venture. Because the
investor has joint control of, or significant influence over, the investee, the
investor has an interest in the associates or joint ventures performance and, as
a result, the return on its investment. The investor accounts for this interest by
extending the scope of its financial statements to include its share of the profit
or loss of such an investee. As a result, application of the equity method
provides more informative reporting of the investors net assets and profit or
loss.

12

When potential voting rights or other derivatives containing potential voting

rights exist, an entitys interest in an associate or a joint venture is determined
solely on the basis of existing ownership interests and does not reflect the
possible exercise or conversion of potential voting rights and other derivative
instruments, unless paragraph 13 applies.

13

In some circumstances, an entity has, in substance, an existing ownership as a

result of a transaction that currently gives it access to the returns associated
with an ownership interest. In such circumstances, the proportion allocated to
the entity is determined by taking into account the eventual exercise of those
potential voting rights and other derivative instruments that currently give the
entity access to the returns.

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14

IFRS 9 Financial Instruments does not apply to interests in associates and joint
ventures that are accounted for using the equity method. When instruments
containing potential voting rights in substance currently give access to the
returns associated with an ownership interest in an associate or a joint venture,
the instruments are not subject to IFRS 9. In all other cases, instruments
containing potential voting rights in an associate or a joint venture are
accounted for in accordance with IFRS 9.

15

Unless an investment, or a portion of an investment, in an associate or a joint

venture is classified as held for sale in accordance with IFRS 5 Non-current Assets
Held for Sale and Discontinued Operations, the investment, or any retained interest in
the investment not classified as held for sale, shall be classified as a non-current
asset.

Application of the equity method

16

An entity with joint control of, or significant influence over, an investee shall
account for its investment in an associate or a joint venture using the equity
method except when that investment qualifies for exemption in accordance
with paragraphs 1719.

Exemptions from applying the equity method

17

An entity need not apply the equity method to its investment in an associate or
a joint venture if the entity is a parent that is exempt from preparing
consolidated financial statements by the scope exception in paragraph 4(a) of
IFRS 10 or if all the following apply:
(a)

The entity is a wholly-owned subsidiary, or is a partially-owned

subsidiary of another entity and its other owners, including those not
otherwise entitled to vote, have been informed about, and do not object
to, the entity not applying the equity method.

(b)

The entitys debt or equity instruments are not traded in a public market
(a domestic or foreign stock exchange or an over-the-counter market,
including local and regional markets).

(c)

The entity did not file, nor is it in the process of filing, its financial
statements with a securities commission or other regulatory
organisation, for the purpose of issuing any class of instruments in a
public market.

(d)

The ultimate or any intermediate parent of the entity produces

consolidated financial statements available for public use that comply
with IFRSs.

18

When an investment in an associate or a joint venture is held by, or is held

indirectly through, an entity that is a venture capital organisation, or a mutual
fund, unit trust and similar entities including investment-linked insurance
funds, the entity may elect to measure investments in those associates and joint
ventures at fair value through profit or loss in accordance with IFRS 9.

19

When an entity has an investment in an associate, a portion of which is held

indirectly through a venture capital organisation, or a mutual fund, unit trust

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and similar entities including investment-linked insurance funds, the entity
may elect to measure that portion of the investment in the associate at fair value
through profit or loss in accordance with IFRS 9 regardless of whether the
venture capital organisation, or the mutual fund, unit trust and similar entities
including investment-linked insurance funds, has significant influence over that
portion of the investment. If the entity makes that election, the entity shall
apply the equity method to any remaining portion of its investment in an
associate that is not held through a venture capital organisation, or a mutual
fund, unit trust and similar entities including investment-linked insurance
funds.

Classification as held for sale

20

An entity shall apply IFRS 5 to an investment, or a portion of an investment, in

an associate or a joint venture that meets the criteria to be classified as held for
sale. Any retained portion of an investment in an associate or a joint venture
that has not been classified as held for sale shall be accounted for using the
equity method until disposal of the portion that is classified as held for sale
takes place. After the disposal takes place, an entity shall account for any
retained interest in the associate or joint venture in accordance with IFRS 9
unless the retained interest continues to be an associate or a joint venture, in
which case the entity uses the equity method.

21

When an investment, or a portion of an investment, in an associate or a joint

venture previously classified as held for sale no longer meets the criteria to be so
classified, it shall be accounted for using the equity method retrospectively as
from the date of its classification as held for sale. Financial statements for the
periods since classification as held for sale shall be amended accordingly.

Discontinuing the use of the equity method

22

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An entity shall discontinue the use of the equity method from the date
when its investment ceases to be an associate or a joint venture as
follows:
(a)

If the investment becomes a subsidiary, the entity shall account for

its investment in accordance with IFRS 3 Business Combinations and
IFRS 10.

(b)

If the retained interest in the former associate or joint venture is a

financial asset, the entity shall measure the retained interest at
fair value. The fair value of the retained interest shall be regarded
as its fair value on initial recognition as a financial asset in
accordance with IFRS 9. The entity shall recognise in profit or loss
any difference between:
(i)

the fair value of any retained interest and any proceeds

from disposing of a part interest in the associate or joint
venture; and

(ii)

the carrying amount of the investment at the date the

equity method was discontinued.

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(c)

When an entity discontinues the use of the equity method, the

entity shall account for all amounts previously recognised in other
comprehensive income in relation to that investment on the same
basis as would have been required if the investee had directly
disposed of the related assets or liabilities.

23

Therefore, if a gain or loss previously recognised in other comprehensive income

by the investee would be reclassified to profit or loss on the disposal of the
related assets or liabilities, the entity reclassifies the gain or loss from equity to
profit or loss (as a reclassification adjustment) when the equity method is
discontinued. For example, if an associate or a joint venture has cumulative
exchange differences relating to a foreign operation and the entity discontinues
the use of the equity method, the entity shall reclassify to profit or loss the gain
or loss that had previously been recognised in other comprehensive income in
relation to the foreign operation.

24

If an investment in an associate becomes an investment in a joint venture

or an investment in a joint venture becomes an investment in an
associate, the entity continues to apply the equity method and does not
remeasure the retained interest.

Changes in ownership interest

25

If an entitys ownership interest in an associate or a joint venture is reduced, but

the entity continues to apply the equity method, the entity shall reclassify to
profit or loss the proportion of the gain or loss that had previously been
recognised in other comprehensive income relating to that reduction in
ownership interest if that gain or loss would be required to be reclassified to
profit or loss on the disposal of the related assets or liabilities.

Equity method procedures

26

Many of the procedures that are appropriate for the application of the equity
method are similar to the consolidation procedures described in IFRS 10.
Furthermore, the concepts underlying the procedures used in accounting for the
acquisition of a subsidiary are also adopted in accounting for the acquisition of
an investment in an associate or a joint venture.

27

A groups share in an associate or a joint venture is the aggregate of the holdings

in that associate or joint venture by the parent and its subsidiaries. The holdings
of the groups other associates or joint ventures are ignored for this purpose.
When an associate or a joint venture has subsidiaries, associates or joint
ventures, the profit or loss, other comprehensive income and net assets taken
into account in applying the equity method are those recognised in the
associates or joint ventures financial statements (including the associates or
joint ventures share of the profit or loss, other comprehensive income and net
assets of its associates and joint ventures), after any adjustments necessary to
give effect to uniform accounting policies (see paragraphs 35 and 36).

28

Gains and losses resulting from upstream and downstream transactions

between an entity (including its consolidated subsidiaries) and its associate or
joint venture are recognised in the entitys financial statements only to the
extent of unrelated investors interests in the associate or joint venture.

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Upstream transactions are, for example, sales of assets from an associate or a
joint venture to the investor. Downstream transactions are, for example, sales
or contributions of assets from the investor to its associate or its joint venture.
The investors share in the associates or joint ventures gains or losses resulting
from these transactions is eliminated.
29

When downstream transactions provide evidence of a reduction in the net

realisable value of the assets to be sold or contributed, or of an impairment loss
of those assets, those losses shall be recognised in full by the investor. When
upstream transactions provide evidence of a reduction in the net realisable value
of the assets to be purchased or of an impairment loss of those assets, the
investor shall recognise its share in those losses.

30

The contribution of a non-monetary asset to an associate or a joint venture in

exchange for an equity interest in the associate or joint venture shall be
accounted for in accordance with paragraph 28, except when the contribution
lacks commercial substance, as that term is described in IAS 16 Property, Plant and
Equipment. If such a contribution lacks commercial substance, the gain or loss is
regarded as unrealised and is not recognised unless paragraph 31 also applies.
Such unrealised gains and losses shall be eliminated against the investment
accounted for using the equity method and shall not be presented as deferred
gains or losses in the entitys consolidated statement of financial position or in
the entitys statement of financial position in which investments are accounted
for using the equity method.

31

If, in addition to receiving an equity interest in an associate or a joint venture,

an entity receives monetary or non-monetary assets, the entity recognises in full
in profit or loss the portion of the gain or loss on the non-monetary contribution
relating to the monetary or non-monetary assets received.

32

An investment is accounted for using the equity method from the date on which
it becomes an associate or a joint venture. On acquisition of the investment, any
difference between the cost of the investment and the entitys share of the net
fair value of the investees identifiable assets and liabilities is accounted for as
follows:
(a)

Goodwill relating to an associate or a joint venture is included in the

carrying amount of the investment. Amortisation of that goodwill is not
permitted.

(b)

Any excess of the entitys share of the net fair value of the investees
identifiable assets and liabilities over the cost of the investment is
included as income in the determination of the entitys share of the
associate or joint ventures profit or loss in the period in which the
investment is acquired.

Appropriate adjustments to the entitys share of the associates or joint ventures

profit or loss after acquisition are made in order to account, for example, for
depreciation of the depreciable assets based on their fair values at the
acquisition date. Similarly, appropriate adjustments to the entitys share of the
associates or joint ventures profit or loss after acquisition are made for
impairment losses such as for goodwill or property, plant and equipment.

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33

The most recent available financial statements of the associate or joint

venture are used by the entity in applying the equity method. When the
end of the reporting period of the entity is different from that of the
associate or joint venture, the associate or joint venture prepares, for the
use of the entity, financial statements as of the same date as the financial
statements of the entity unless it is impracticable to do so.

34

When, in accordance with paragraph 33, the financial statements of an

associate or a joint venture used in applying the equity method are
prepared as of a date different from that used by the entity, adjustments
shall be made for the effects of significant transactions or events that
occur between that date and the date of the entitys financial statements.
In any case, the difference between the end of the reporting period of the
associate or joint venture and that of the entity shall be no more than
three months. The length of the reporting periods and any difference
between the ends of the reporting periods shall be the same from period
to period.

35

The entitys financial statements shall be prepared using uniform

accounting policies for like transactions and events in similar
circumstances.

36

If an associate or a joint venture uses accounting policies other than those of the
entity for like transactions and events in similar circumstances, adjustments
shall be made to make the associates or joint ventures accounting policies
conform to those of the entity when the associates or joint ventures financial
statements are used by the entity in applying the equity method.

37

If an associate or a joint venture has outstanding cumulative preference shares

that are held by parties other than the entity and are classified as equity, the
entity computes its share of profit or loss after adjusting for the dividends on
such shares, whether or not the dividends have been declared.

38

If an entitys share of losses of an associate or a joint venture equals or exceeds

its interest in the associate or joint venture, the entity discontinues recognising
its share of further losses. The interest in an associate or a joint venture is the
carrying amount of the investment in the associate or joint venture determined
using the equity method together with any long-term interests that, in
substance, form part of the entitys net investment in the associate or joint
venture. For example, an item for which settlement is neither planned nor
likely to occur in the foreseeable future is, in substance, an extension of the
entitys investment in that associate or joint venture. Such items may include
preference shares and long-term receivables or loans, but do not include trade
receivables, trade payables or any long-term receivables for which adequate
collateral exists, such as secured loans. Losses recognised using the equity
method in excess of the entitys investment in ordinary shares are applied to the
other components of the entitys interest in an associate or a joint venture in the
reverse order of their seniority (ie priority in liquidation).

39

After the entitys interest is reduced to zero, additional losses are provided for,
and a liability is recognised, only to the extent that the entity has incurred legal
or constructive obligations or made payments on behalf of the associate or joint

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venture. If the associate or joint venture subsequently reports profits, the entity
resumes recognising its share of those profits only after its share of the profits
equals the share of losses not recognised.

Impairment losses
40

After application of the equity method, including recognising the associates or

joint ventures losses in accordance with paragraph 38, the entity applies IAS 39
Financial Instruments: Recognition and Measurement to determine whether it is
necessary to recognise any additional impairment loss with respect to its net
investment in the associate or joint venture.

41

The entity also applies IAS 39 to determine whether any additional impairment
loss is recognised with respect to its interest in the associate or joint venture
that does not constitute part of the net investment and the amount of that
impairment loss.

42

Because goodwill that forms part of the carrying amount of an investment in an

associate or a joint venture is not separately recognised, it is not tested for
impairment separately by applying the requirements for impairment testing
goodwill in IAS 36 Impairment of Assets. Instead, the entire carrying amount of the
investment is tested for impairment in accordance with IAS 36 as a single asset,
by comparing its recoverable amount (higher of value in use and fair value less
costs to sell) with its carrying amount, whenever application of IAS 39 indicates
that the investment may be impaired. An impairment loss recognised in those
circumstances is not allocated to any asset, including goodwill, that forms part
of the carrying amount of the investment in the associate or joint venture.
Accordingly, any reversal of that impairment loss is recognised in accordance
with IAS 36 to the extent that the recoverable amount of the investment
subsequently increases. In determining the value in use of the investment, an
entity estimates:
(a)

its share of the present value of the estimated future cash flows expected
to be generated by the associate or joint venture, including the cash
flows from the operations of the associate or joint venture and the
proceeds from the ultimate disposal of the investment; or

(b)

the present value of the estimated future cash flows expected to arise
from dividends to be received from the investment and from its ultimate
disposal.

Using appropriate assumptions, both methods give the same result.

43

The recoverable amount of an investment in an associate or a joint venture shall

be assessed for each associate or joint venture, unless the associate or joint
venture does not generate cash inflows from continuing use that are largely
independent of those from other assets of the entity.

Separate financial statements

44

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An investment in an associate or a joint venture shall be accounted for in the

entitys separate financial statements in accordance with paragraph 10 of IAS 27
(as amended in 2011).

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Effective date and transition

45

An entity shall apply this Standard for annual periods beginning on or after
1 January 2013. Earlier application is permitted. If an entity applies this
Standard earlier, it shall disclose that fact and apply IFRS 10, IFRS 11 Joint
Arrangements, IFRS 12 Disclosure of Interests in Other Entities and IAS 27 (as amended
in 2011) at the same time.

References to IFRS 9
46

If an entity applies this Standard but does not yet apply IFRS 9, any reference to
IFRS 9 shall be read as a reference to IAS 39.

Withdrawal of IAS 28 (2003)

47

This Standard supersedes IAS 28 Investments in Associates (as revised in 2003).

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