IFRS 11 summary and timeline
A summary of IFRS 11 Joint Arrangements, including information on current proposals and a timeline of past amendments, announcements, exposure drafts and consultations.
A joint arrangement is an arrangement of which two or more parties, bound by a contractual agreement, have joint control. Joint arrangements are classified, dependent on the controlling parties' rights and obligations, as either:
- Joint operations – joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement.
- Joint ventures – joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
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A joint arrangement where the assets and liabilities relating to the arrangement are held in a separate vehicle can be a joint venture or joint operation; a joint arrangement that is not structured through a separate vehicle is a joint operation.
A joint operator recognises in its financial statements (including its separate financial statements):
- assets, including its share of jointly held assets;
- liabilities, including its share of jointly held liabilities;
- revenue from the sale of its share of the output of the joint operation;
- its share of the revenue from the sale of the output by the joint operation;
- its expenses, including its share of any expenses incurred jointly.
A joint venturer should account for its investment using the equity method in accordance with IAS 28. In its separate financial statements, a joint venturer should account for its investment either at cost or in accordance with IFRS 9.
IFRS 11 does not include any disclosure requirements; these are included in IFRS 12 Disclosure of Interests in Other Entities.
|12 December 2017||IASB issues Annual Improvements to IFRS Standards 2015 – 2017 Cycle (amendments to IFRS 11)
Effective for annual periods starting on or after 1 January 2019.
|6 May 2014||IASB issues Accounting for Acquisitions of Interests in Joint Operations (amendments to IFRS 11)
Effective for annual periods starting on or after 1 January 2016. Amendments provide new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business.
|28 June 2012||IASB issues Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12)
Effective for annual periods starting on or after 1 January 2013. Amendments clarify transition guidance and provide additional transition relief.
|12 May 2011||IASB issues IFRS 11
Effective for annual periods starting on or after 1 January 2013.