The AcSB proposes to replace Section 3055 Interests in Joint Ventures with Section 3056 Interests in Joint Arrangements and amend Section 3051 Investments in Part II of the CICA Handbook. A Not-for-profit Organization (NPO) would apply amended Section 3051 Investments when it has significant influence over a profit-oriented enterprise. The new standard on joint arrangements would not apply to NPOs.
The main features of the proposals are summarized as follows:
Section 3056 - Joint Arrangements:
Section 3051 - Investments:
The effective date of the standards will be no earlier than fiscal years beginning on January 1, 2016.
Comments on the exposure draft are requested by November 11, 2013. A copy of the exposure draft can be found at the following link: Joint Arrangements and Investments.