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e recognized ($0.48 million).
DISCLOSURE
A venturer has to disclose specific information about contingent liabilities relating to its interest in the joint venture and also this information:
• Capital commitments and contingent liabilities relating to its interests in joint ventures.
• A list and descriptions of interests in significant joint ventures and the proportion of the ownership interest that is held in jointly controlled entities. If the line-byline
format is used for proportionate consolidation or if the equity method is used, then the venturer should disclose the aggregate amount of current assets,
long-term assets, current liabilities, and income and expenses relating to its interests in joint ventures.
• The method that is used to recognize the interests in jointly controlled entities.
PRACTICAL INSIGHT
Holcim S.A., a Swiss entity, uses proportionate consolidation to account for an investment in a joint venture. The entity chooses to consolidate its share of
the assets, liabilities, income, and expenses on a line-by-line basis rather than showing them as separate line items. This seems to be the practice of many
companies using IFRS.
SIC 13, Jointly Controlled Entities—Nonmonetary Contributions by Venturers, clarifies the circumstances in which the appropriate portion of gains or
losses resulting from a contribution of a nonmonetary asset to a jointly controlled entity (JCE) in exchange for an equity interest in the JCE should be
recognized by the venturer in the statement of comprehensive income.
(a)
(b)
EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
UNILEVER PLC Annual Report, 2009
Other noncurrent assets € million 2009 € million 2008
Interest in net assets of joint ventures 60 73
Interest in net assets of associates 42 67
Other noncurrent financial assets (a) 485 904
Held-to-maturity investments (b) -- 472
Loans and receivables 2 9
Available-for-sale financial assets (c)(d) 436 370
Financial assets at fair value through profit or loss (d) 47 53
Long-term trade and other receivables (e) 212 171
Fair value of biological assets 32 31
Other nonfinancial assets
186 180
1,017 1,426
Predominantly consist of investments in a number of companies and financial institutions in India, Europe, and the United States, including €129
million (2008: €146 million) of assets in a trust to fund benefit obligations in the United States.
During 2009 €436 million of held-to-maturity investments were reclassified as available for sale in relation to the closure of an employee savings
program.
(c) Includes unlisted preferred shares arising in connection with US laundry disposal.
(d) Methods of valuation techniques used to determine fair values are given in note 15 on page 108.