Page 6 - UNISA Test 2 Slides - Joint Arranagemenst (Finac2)

JOINT ARRANGEMENTS

Outcomes

• Define a joint arrangement in terms of IFRS 11.

• Define and distinguish between the types of joint arrangements as

follows:

• Joint operations; and
• Joint ventures.

• Account for joint operations by recognising the share of assets,
liabilities, related revenues and expenses in accordance with
relevant IFRSs applicable to the particular assets, liabilities, revenues
and expenses.

• Account for the interest in a joint arrangement in the separate
financial statements of an investor.

• Disclose the required information in accordance with IFRS 12 in the
financial statements of the investor, including the following:

• Significant judgements and assumptions.
• Nature, extent and financial effects of an entity’s interests in

joint arrangements.
• Risks associated with an entity’s interests in joint arrangements.

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