Page 4 - FAC4862 slides JAs and Revenue CM

Outcomes JOINT ARRANGEMENTS

• IFRS 11 establishes the principles for financial reporting by parties
to a joint arrangement and the criteria for determining the type of

arrangement. A joint arrangement is classified as either a joint
operation or a joint venture.

After you have studied this learning unit, you should be able to do the
following:

1.Define a joint arrangement in terms of IFRS 11.

2.Define and distinguish between the types of joint arrangements as
follows:

 Joint operations; and

 Joint ventures.

3.Account for the interest in a joint venture in the separate financial
statements of the investor in accordance with IAS 27.

4.Disclose the required information in accordance with IFRS 12 in the
financial statements of the investor relating to significant judgements and
assumptions used in determining the type of joint arrangement.

4