Il consolidamento delle partecipazioni in joint venture

Joint ventures are contractual arrangements whereby two or more parties undertake an economic activity that is subject to joint control. Joint control is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers). Accounting for interest in joint venture is described in Ias 31, Interest in joint ventures; if the contractual arrangement involves the establishment of a corporation, partnership or other entity in which each venturer has an interest, interest in joint venture have to be accounted using proportionate consolidation or the alternative equity method, as indicated by Ias 31. However, Ias 31 doesn’t describe how to recognise and measure the identifiable assets acquired, the liabilities assumed in joint venture and the Basis for Conclusions to Ifrs 3(2008) suggests that further work would be necessary before the Board could proceed to provide guidance on accounting for the formation of a joint venture. So, in may 2011, Iasb issued a new standard regarding joint venture: Ifrs 11, Joint Arrangements that supersedes Ias 31 Interests in Joint ventures and Sic-13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers and is effective for annual periods beginning on or after 1 January 2013. In Ifrs 11, Iasb introduces a “substance over form” approach to accounting for joint venture arrangements, requires a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations arising from the arrangement and eliminates the proportionate consolidation approach to recognise interests in jointly controlled entities. This paper aims to investigate the reasons that led to the adoption of a new standard and to illustrate the accounting for joint ventures in the consolidated financial statements. It also aims to define if and how new standards have improved presentation of investments in joint ventures in the consolidated and separated financial statements.