IFRS 11 – Classification of joint arrangements

Date recorded:

The Project Manager introduced Agenda Paper 13 — Classification of joint arrangements.

At its meeting in January 2014, the IFRS Interpretations Committee tentatively decided not to take onto the Committee’s agenda a request for clarification on the assessment of ‘other facts and circumstances’ in classifying a joint arrangement (specifically, whether the assessment of ‘other facts and circumstances’ should be undertaken with a view only towards whether those facts and circumstances create enforceable rights to the assets and obligations for the liabilities or whether that assessment should also consider the design and purpose of the joint arrangement, the entity’s business needs and the entity’s past practices).

At this meeting, the Committee discussed an analysis of the comments received on the tentative agenda decision. Based on the IASB’s support (Agenda Paper 2A) the IC members confirmed their decision not to add this item to the agenda.

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