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IFRS in Focus — IASB issues new standard on joint arrangements

Published on: May 17, 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.

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