BackgroundThis project was originally initiated as a research project in a partnership with the Australian Accounting Standards Board (AASB). The AASB conducted preliminary research for a re-examination of IAS 31 Interests in Joint Ventures. The original project focused on two major issues:
- The definitions of joint ventures and jointly controlled entities.
- The method(s) of accounting by investors in such entities.
The project evolved into a short-term IASB-FASB convergence project with the objective of reducing differences between IFRS and US GAAP, specifically that the form of the arrangement is the primary determinant of the accounting and that an entity has a choice of accounting treatment for interests in jointly controlled entities (equity accounting or proportionate consolidation).
Current status of the project
This project has been completed. The IASB issued IFRS 11 Joint Arrangements on 12 May 2011.
|November 2004||Added to the IASB's active agenda|
|13 September 2007||ED 9 Joint Arrangements issued||Comment deadline 11 January 2008|
|21 April 2011||Near-final Draft of IFRS on Joint Arrangements published|
|12 May 2011||IFRS 11 Joint Arrangements published||Applicable to annual reports beginning on or after 1 January 2013|