BC44 In response to requests from users of financial statements, the Board proposed in ED 9 that an entity should disclose a list and description of investments in significant joint ventures and associates. Respondents to ED 9 generally welcomed the proposal. The Board decided to carry the proposals forward into IFRS 12 with some modifications as described in paragraphs BC45 and BC46.
BC45 The Board decided to require the information for joint arrangements and associates that are material to the reporting entity rather than for significant joint arrangements and associates. The Conceptual Framework for Financial Reporting (Conceptual Framework) [References to the Conceptual Framework in this Basis for Conclusions are to the Conceptual Framework for Financial Reporting, issued in 2010 and in effect when the Standard was developed.] defines materiality whereas the term 'significant' is undefined and can be interpreted differently. Consequently, the Board decided to replace 'significant'
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