BC4 IAS 28 as amended in 2011 superseded IAS 28 (as revised in 2003 and amended in 2010). As stated in paragraph BC3, in amending IAS 28, the Board did not reconsider all the Standard’s requirements. The requirements in paragraphs 5-11, 15, 22-23, 25-28 and 32-43 relate to the assessment of significant influence and to the equity method and its application, and paragraphs 12-14 relate to the accounting for potential voting rights. With the exception of the Board’s decision to incorporate the accounting for joint ventures into IAS 28, those paragraphs were carried forward from IAS 28 and from the Guidance on Implementing IAS 27 Consolidated and Separate Financial Statements, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures that was withdrawn when IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IAS 28 (as amended in 2011) were issued. As a result, those paragraphs were not reconsidered by the Board.

BC5 When revised in 2003 IAS 28 was accompanied by a Basis for Conclusions summarising the considerations of the Board, as constituted at the time, in reaching its conclusions. That Basis for Conclusions was subsequently updated to reflect amendments to the Standard.