IFRS 11 Joint Arrangements
International Financial Reporting Standard 11
Overview of IFRS 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:
- The parties are bound by a contractual arrangement;
- The contractual arrangement gives two or more of those parties joint control of the arrangement.
- IFRS 11 classifies joint arrangements into 2 categories:
- Joint operation; and
- Joint venture.
- It prescribes how each of these forms shall be recognized and reported in the financial statements of parties to a joint arrangement.
Articles about IFRS 11
- IFRS Kit - learn IFRS in 130+ videos, 140+ excel case studies, quizzes, certificates
- IFRS Refresher Modules - interactive text-based training in individual IFRS with the feedback from real tutors
- IFRS Enabler - systematical interactive IFRS training for corporate teams
- my Helpline - get answers to your specific IFRS and other questions from more than 50 top consultants + fully searchable IFRS database as a bonus