Transcription of IFRS 11 – 2021 Issued IFRS Standards (Part A)
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IFRS 11 – 2021 Issued IFRS Standards (Part A)
IFRS 11 Joint ArrangementsIn April 2001 the International Accounting Standards Board (Board) adopted IAS 31 Financial Reporting of Interests in Joint Ventures, which had originally been Issued by theInternational Accounting Standards Committee in December December 2003 the Board amended and renamed IAS 31 with a new title Interests inJoint Ventures. This amendment was done in conjunction with amendments to IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries and IAS 28 Accounting for Investments in May 2011 the Board Issued IFRS 11 Joint Arrangements to replace IAS 31. IFRS 12 Disclosure of Interests in Other Entities, also Issued in May 2011, replaced the disclosurerequirements in IAS 31.
Joint arrangements. A joint arrangement is an arrangement of which two or more parties have joint control. A joint arrangement has the following characteristics: (a) The parties are bound by a contractual arrangement (see paragraphs B2–B4). (b) The contractual arrangement gives two or more of those parties
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