2003 revision (paras. BC9-BC10)

BC9 IAS 27 (as revised by the Board's predecessor body in 2000) permitted entities to measure investments in subsidiaries in any one of three ways in the parent's separate financial statements. These were at cost, using the equity method, or as available‑for‑sale [IFRS 9 Financial Instruments eliminated the category of available-for-sale financial assets.] financial assets in accordance with IAS 39 Financial Instruments: Recognition and Measurement. [IFRS 9 Financial Instruments replaced IAS 39. IFRS 9 applies to all items that were previously within the scope of IAS 39.] IAS 28 Investments in Associates permitted the same choices for investments in associates in separate financial statements, and IAS 31 Interests in Joint Ventures stated that IAS 31 did not indicate a preference for any particular treatment for accounting for interests in joint ventures in a joint venturer's separate financial statements. However, in 2003 the Board decided to require the use of cost or IAS 39 for

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