Identify the Major Disclosure Requirements for Interests in Joint Ventures

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The Answer is A venturer must disclose contingent liabilities arising from its interests in joint ventures.In this respect,a venturer must separately disclose,unless the probability of loss is remote,the aggregate of the following contingent liabilities (para.54): -any contingent liabilities the venturer has incurred in relation to its interests in joint ventures and its share in each of the contingent liabilities incurred jointly with other venturers; -the venturer's share of the contingent liabilities of the joint ventures themselves for which it is contingently liable; and -those contingent liabilities arising because the venturer is contingently liable for the liabilities of the other venturers of a joint venture.Capital commitments must also be separately disclosed (para.55).A venturer must disclose the aggregate amount of: -any capital commitments in relation to the venturer's interest in joint ventures and its share in the capital commitments that have been incurred jointly with other venturers; and -its share of the capital commitments of the joint ventures themselves.A venturer is required to provide a listing and description of interests in significant joint ventures and the proportionate ownership interest held in jointly controlled entities (para.56).In the case of interests in jointly controlled entities,and irrespective of whether these interests are recognised using proportionate consolidation or the equity method,the venturer must disclose the aggregate amounts of each of current assets,long- term assets,current liabilities,long- term liabilities,income and expenses related to the venturer's interests in joint ventures (para.56).In relation to interests in jointly controlled entities,para.57 requires a venturer to disclose the method it has used to recognise those interests (that is,proportionate consolidation or the equity method).

Identify the Major Disclosure Requirements for Interests in Joint Ventures

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