IAS 31

Accounting
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IAS 31, titled Interests in Joint Ventures, was an International Accounting Standard issued by the International Accounting Standards Committee (IASC) and adopted by the International Accounting Standards Board (IASB). It provided the accounting requirements for interests in joint ventures and the reporting of joint venture assets, liabilities, income, and expenses.^[1] In May 2011, the IASB issued IFRS 11 Joint Arrangements, which effectively superseded IAS 31 for annual periods beginning on or after 1 January 2013.^[2]

IAS 31 identified three distinct types of joint ventures, based on their legal and operational structure:^[3]

Jointly controlled operations: Involves the use of the assets and other resources of the venturers rather than the establishment of a separate corporation or financial structure.
Jointly controlled assets: Involves the joint control, and often the joint ownership, of one or more assets contributed to, or acquired for the purpose of, the joint venture.
Jointly controlled entities: Involves the establishment of a corporation, partnership, or other entity in which each venturer has an interest.

Joint Venture Type	Accounting Method Required/Permitted
Jointly Controlled Operations	Recognize own assets, liabilities, and expenses.
Jointly Controlled Assets	Recognize share of joint assets and liabilities.
Jointly Controlled Entities	Choice between Proportionate Consolidation or Equity Method.

Accounting Treatment