IFRS 11 JOINT ARRANGEMENTS PDF

In May the International Accounting Standard Board (IASB) issued IFRS 11 Joint Arrangements, which superseded. IAS 31 Interests in Joint Ventures and. IFRS 11 Joint Arrangements. by Silvia · Consolidation and Groups, IFRS Summaries, IFRS videos Joint venture or joint operation? What is joint control? The accounting standard IFRS 11 clarifies the reporting procedures for joint arrangements. Find articles, books and online resources providing quick links to the.


IFRS 11 JOINT ARRANGEMENTS PDF

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IFRS 11 JOINT ARRANGEMENTS PDF

What is joint control?

IFRS 11 — Joint Arrangements

How to account for joint arrangements? IFRS 11 is relatively new standard.

IFRS 11 JOINT ARRANGEMENTS PDF

It was issued in and it is effective for all reporting periods starting 1 January or later. What is the objective of IFRS 11? The objective ifrs 11 joint arrangements IFRS 11 Joint Arrangements is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly i.

To meet this objective, IFRS Defines joint control; Requires determining the type of ifrs 11 joint arrangements arrangement; and Account for the interest in a joint arrangement based on the type.

IFRS 11 Joint Arrangements – IFRSbox – Making IFRS Easy

What is joint control and how to detect it? Standard IFRS 11 defines joint control as the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent ifrs 11 joint arrangements the parties sharing control.

There are 3 basic elements of joint control: Please note that here, contractual arrangement must be present — often in writing in the form of contract or some documented ifrs 11 joint arrangements of the parties involved.

IFRS 11 JOINT ARRANGEMENTS PDF

Sometimes law or other statutory mechanisms are sufficient to create contractual arrangement. Click here to check it out! This condition or element is met when all ifrs 11 joint arrangements, or group of parties, considered collectively, are able to direct the relevant decisions of the arrangement.

IFRS 11 JOINT ARRANGEMENTS PDF

In other words — no ifrs 11 joint arrangements party can decide on its own. Let me give you an example: Imagine 3 joint venturers: What does that mean? In this example, collective control is present, but you still need to assess whether Large, Medium and Regular need to decide unanimously all of them must agree or not.

That would be written in the contract, for example.

  • What is joint control and how to detect it?

Unanimous consent means that every party of ifrs 11 joint arrangements joint arrangement must agree with or at least does not object to the decision and no one can block it. In our above example, if the contract says it simply: When you are assessing the presence of joint control, this chart might help: Classify your joint arrangement Once the investor acquires an interest in joint arrangement, then she must classify this arrangement correctly and apply the appropriate accounting method.

There are 2 types of joint arrangements: In a joint venture, the parties having joint control have rights to the net assets of the arrangement. In a joint operation, the parties having joint control have rights to the assets and obligations for the liabilities relating to the arrangement.

The classification depends upon the rights and ifrs 11 joint arrangements arising from the joint arrangement.



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