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Joint arrangements

Background

This 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.

 

Project milestones

DateDevelopmentComments
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

 

Related Discussions

  • Consolidation and joint arrangements – Effective dates and transition

  • Feb 15, 2011

  • The IASB considered the effective date and early application of the forthcoming IFRS 10, IFRS 11, IFRS 12, IAS 27 (revised 2011) and IAS 28 (revised 2011), unanimously agreeing to require an effective date of 1 January 2013 with early application permitted if all five standards are early adopted and limited retrospective application.

  • Consolidation

  • Dec 15, 2010

  • The IASB (1) discussed a summary of the feedback received from participants during the FASB's two public roundtables held in November 2010 (2) debated the effective date for IFRSs on consolidation, joint arrangements and disclosure of involvement with other entities.

  • Joint Ventures

  • Jun 10, 2010

  • The Boards discussed sweep issue on Joint Arrangements.

  • Joint Ventures

  • May 19, 2010

  • The Board discussed the application of IFRS 5 to loss of joint control, disclosures, and transition.

  • Joint Arrangements

  • Mar 16, 2010

  • The Board discussed matters related to transition and disclosure.

  • Joint Ventures

  • Feb 19, 2010

  • The Board addressed scope section and loss of joint control section of the proposed Standard.

  • Other matters

  • Feb 10, 2010

  • The Boards discussed where to address contingent consideration and partial use of fair value for measurement of interest in joint ventures.

  • IAS 28 — Partial use of fair value for measurement of associates

  • Jan 07, 2010

  • The IFRIC discussed the comment letters received in response to the IASB proposals to allow partial use of fair value for measurement of associates in consolidated financial statements, and also considered the possible impacts on IAS 31 and the IASB's joint arrangements project.

  • Joint ventures

  • Dec 15, 2009

  • The Board discussed the inconsistency between the requirements in IAS 27 and SIC-13 and the consequential amendments to IAS 28.

  • Joint Ventures — Exposure Draft 9

  • Jun 18, 2009

  • The Board discussed parties to joint arrangements that do not share in 'joint control', clarification of the accounting requirements for 'joint operations', and next steps.

  • Joint Ventures

  • Jul 20, 2007

  • The Board discussed a sweep issue raised by one Board member on review of the pre-ballot draft of the proposed amendments to IAS 31 Interests in Joint Ventures (ED).

  • Joint Ventures

  • Jun 21, 2007

  • The Board discussed several sweep issues identified in drafting the exposure draft of proposed amendments to IAS 31 Interests in Joint Ventures (ED).

  • Short-term Convergence — Joint Ventures

  • Apr 19, 2007

  • The staff used this session to introduce the approach they had adopted in drafting the proposed amendments to IAS 31, and to discuss examples intended to illustrate the application of the Board's decisions regarding the definition of a joint venture.

  • Short-term Convergence: Joint Ventures

  • Nov 17, 2006

  • The Board was given a very short oral update on feedback that the staff had received on this project when it discussed the tentative decisions that the Board made at its July 2006 meeting with preparers and users.

  • Joint Ventures

  • Mar 29, 2006

  • The staff made a presentation on the objectives of this project and the project plan. The objective of this session was to provide the Board with an update on the work of the definition stage of the project; discuss some questions brought forward by the staff; and decide on the direction of future work on the project in light of the IASB's decisions in relation to the short-term convergence project.

  • Joint Ventures

  • Dec 15, 2005

  • The Board discussed the short-term convergence project proposal to eliminate proportionate consolidation consistent with the Roadmap agreement.

  • Joint Ventures

  • Nov 17, 2004

  • The Board discussed the merits of a short-term project intended to eliminate the option in IAS 31 with certain Board members expressing support for the removal of proportionate consolidation as it is not supportable under the Conceptual Framework.

  • Joint Ventures

  • Jul 20, 2004

  • The Board discussed the short-term project on joint ventures and the longer-term and more fundamental review of joint venture arrangements.

All Related