IASB issues new standard for acquisitions of joint operations

BY KEN TYSIAC

New international accounting rules for acquisitions of interests in joint operations were published Tuesday by the International Accounting Standards Board (IASB).

Amendments to IFRS 11, Joint Arrangements, specify the appropriate accounting treatment for an acquisition of an interest in a joint operation that constitutes a business.

The IASB decided that entities that acquire interests in joint operations should apply all the principles on business combinations accounting in IFRS 3, Business Combinations, and other IFRSs, that do not conflict with the guidance in IFRS 11. These entities should disclose the information that is required in those IFRSs in relation to business combinations, the IASB decided.

The changes originated with an issue that was submitted to the IFRS Interpretations Committee, which recommended amendments to IFRS 11.

More information is available on the IASB’s website.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.