IFRS in Focus — IASB issues new standard on joint arrangements
Published on:
17 May 2011
On 12 May 2011, the International Accounting Standards Board (IASB) issued IFRS 11 Joint Arrangements, which supersedes IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers.
This edition of IFRS in Focus discusses the following topics:
- The new standard
- Joint control
- Joint operations and joint ventures
- Distinction between joint operations and joint ventures:
- Legal form of the separate vehicle
- Terms of the contractual arrangement
- Other facts and circumstances
- Separate financial statements
- Disclosures
- Effective date and transition.