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International Financial Reporting Standard (IFRS) 11
Joint Arrangements

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International Financial Reporting Standard (IFRS) 11

IFRS 11
 
Joint Arrangements
--> First issued in May 2011
--> Superseded IAS 31, Interests in joint ventures
--> Superseded SIC 13, Jointly controlled entities, non-monetary contributions by venturers
    
IAS 31, Interests in Joint Ventures
--> First issued in December 1990
--> Revised in December 2003
--> Amended in January 2008 by IAS 27
     
SIC-13, Jointly Controlled Entities—Non-Monetary Contributions by Venturers
--> Issued in December 1998
      
Main change in IFRS 11
--> Proportionate consolidation was eliminated.
     
Joint arrangement is an arrangement
--> that is controlled jointly by two or more parties
              
Joint control is contractually agreed sharing of control
--> of an arrangement              

Types of joint arrangement
(1) joint operations
(2) joint venture
    
Financial statements of a joint venturer
(1) Interest in a joint venture is recognised as an investment.
(2) Equity method is used to measure the investment
--> IAS 28 Investments in associates and joint ventures
  
Financial statements of a joint operator
--> Recognise assets, liabilities, revenue, expenses
--> in relation to its interest in a joint operation.
    


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