AASB 131 does not require the use of the equity method of accounting for an interest in a joint controlled entity (e.g.,partnership)where the partnership is acquired and held exclusively for its disposal in the near future:

Question

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AASB 131 allows entities to account for interests in joint controlled entities using the equity method, proportionate consolidation or the fair value method. However, if an entity acquires a joint controlled entity solely for the purpose of disposing of it in the near future, the equity method is not required. Instead, the entity may account for the interest at fair value through profit or loss.

AASB 131 Does Not Require the Use of the Equity