SIC-13
Historical
Jointly Controlled Entities–Non-Monetary Contributions by Venturers
Addressed how a venturer should account for gains or losses on contributing non-monetary assets to a jointly controlled entity. Superseded in 2013 by IFRS 11.
Historical Reference
SIC-13 was superseded in May 2011 when the IASB issued IFRS 11 Joint Arrangements, which restructured joint arrangements into joint operations and joint ventures and replaced SIC-13's specific contribution guidance with a broader model.
This page is retained for historical and comparative reference. Entities should refer to the current standard that superseded this interpretation for authoritative guidance.
Current Standard
IFRS 11 Joint Arrangements 1
What SIC-13 Addressed (Historical)
What SIC-13 addressed
SIC-13 addressed how a venturer should account for gains or losses on contributing non-monetary assets to a jointly controlled entity. It clarified whether such gains or losses should be recognised in full by the venturer or whether they should be eliminated to the extent of the venturer's interest in the jointly controlled entity.
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The Conclusion It Reached (Historical)
The conclusion it reached
SIC-13 concluded that a venturer should recognise a gain or loss on the contribution of non-monetary assets to a jointly controlled entity only to the extent of the interests of other venturers. The venturer's own share of the joint venture did not give rise to recognition of a gain or loss, since the transaction was not, in substance, an exchange with an independent party.
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Where This Guidance Lives Today
Where this guidance lives today
Superseded byIFRS 11 Joint Arrangements
Why withdrawnIFRS 11 restructured joint arrangements into joint operations and joint ventures
Current statusSuperseded
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Glossary
Jointly controlled entity
A joint venture that is structured as a separate entity, over which the venturers have joint control through agreement with other parties.
Venturer contribution
The transfer of non-monetary assets by a venturer to a jointly controlled entity in exchange for an equity interest, which may trigger gain or loss recognition.
Financial statement key
BS Balance sheet
IS Income statement
SE Statement of changes in equity
OCI Other comprehensive income
SCF Statement of cash flows
History & Development
Jan-1998
In January 1998 the Standing Interpretations Committee issued SIC-13 Jointly Controlled Entities–Non-Monetary Contributions by Venturers.
Apr-2001
In April 2001 the International Accounting Standards Board adopted SIC-13.
Minor consequential amendment to SIC-13
May-2011
In May 2011 the Board issued IFRS 11 Joint Arrangements which superseded SIC-13.
Superseded by IFRS 11 (effective 2013)