International Financial Reporting Standard 11

• Issued: in 2011; followed by amendments
• Effective date: 1 January 2013
• What it does:
  • It sets principles for reporting of joint arrangements – arrangements of which two or more parties have joint control.
  • It explains characteristics of joint control:
    1. The parties are bound by a contractual arrangement;
    2. The contractual arrangement gives two or more of those parties joint control of the arrangement.
  • IFRS 11 classifies joint arrangements into 2 categories:
    1. Joint operation; and
    2. Joint venture.
  • It prescribes how each of these forms shall be recognized and reported in the financial statements of parties to a joint arrangement.

• Summary of IFRS 11 Joint Arrangements

Click here for more articles about groups.

• IFRS Kit - learn IFRS in 150+ videos, 150+ excel case studies, quizzes, certificates
• Expected Credit Loss for Accountants - highly specialized course focused on ECL under IFRS 9 with step-by-step example related to trade receivables, many practical insights included.

CLICK HERE to see a complete catalogue of our courses.