BC59 IAS 28 and IAS 31 established specific disclosure requirements for an entity that had investments in joint ventures or associates when the entity is a venture capital organisation, mutual fund, unit trust or similar entity, including investment‑linked insurance funds. The Board discussed whether IFRS 12 should retain the specific disclosure requirements for those types of entities, or whether the disclosure requirements should be the same for all types of entities with interests in joint ventures or associates.

BC60 With the exception of those disclosures that are required only when using the equity method, the Board concluded that the disclosure requirements for interests in joint ventures and associates should be the same for all entities, regardless of whether those entities are venture capital organisations, mutual funds, unit trusts or similar entities. This decision is consistent with the Board's decision to remove the scope exclusion in IAS 28 and IAS 31 for those entities. The Board decided that such entities that hold interests in joint ventures and associates should not be excluded from the relevant standards. Rather, they are simply permitted to use a different measurement basis (ie fair value) for their investments.