Elimination of Unrealised Profits and Losses on Transactions with Associates (SIC-03)
An Interpretation of IAS 28, Accounting for Investments in Associates
- Issued December 1997.
- Effective date: Periods beginning on or after 1 June 1998.
Under IAS 28.16, unrealised gains and losses resulting from transactions with associates should be eliminated proportionately. This is consistent with the application of the equity method for joint ventures as required by IAS 31.39 and .40.
Note: Please note that these summaries are only for reference purposes and are not a substitute for the entire SIC. Kindly read the whole text of SIC before consulting these summaries.
Summaries are courtesy of Deloitte.
More SIC Summaries
- SIC-01 - Consistency - Different Cost Formulas for Inventories
- SIC-02 - Consistency - Capitalisation of Borrowing Costs
- SIC-03 - Elimination of Unrealised Profits and Losses on Transactions with Associates
- SIC-05 - Classification of Financial Instruments - Contingent Settlement Provisions
- SIC-06 - Costs of Modifying Existing Software
- SIC-07 - Introduction of the Euro
- SIC-08 - First-Time Application of IASs as the Primary Basis of Accounting
- SIC-09 - Business Combinations - Classification either as Acquisitions or Unitings of Interests
- SIC-10 - Government Assistance - No Specific Relation to Operating Activities
- SIC-11 - Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations
- SIC-12 - Consolidation - Special Purpose Entities
- SIC-13 - Jointly Controlled Entities - Non-Monetary Contributions by Venturers
- SIC-14 - Property, Plant and Equipment - Compensation for the Impairment or Loss of Items
- SIC-15 - Operating Leases - Incentives
- SIC-16 - Share Capital - Reacquired Own Equity Instruments (Treasury Shares)
- SIC-17 - Equity - Costs of an Equity Transaction
- SIC-18 - Consistency - Alternative Methods
- SIC-19 - Reporting Currency - Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29
- SIC-20 - Equity Accounting Method - Recognition of Losses
- SIC-21 - Income Taxes - Recovery of Revalued Non-Depreciable Assets
- SIC-22 - Business Combinations - Subsequent Adjustment of Fair Values and Goodwill Initially Reported
- SIC-23 - Property, Plant and Equipment - Major Inspection or Overhaul Costs
- SIC-24 - Earnings Per Share - Financial Instruments that May Be Settled in Shares
- SIC-25 - Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders
- SIC-27 - Evaluating the Substance of Transactions in the Legal Form of a Lease
- SIC-28 - Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments
- SIC-29 - Disclosure – Service Concession Arrangements
- SIC-30 - Reporting Currency – Translation from Measurement Currency to Presentation Currency
- SIC-31 - Revenue – Barter Transactions Involving Advertising Services
- SIC-32 - Intangible Assets – Website Costs
- SIC-33 - Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests