IFRS 11 Joint Arrangements Flashcards
1
Q
Definition IFRS 11
A
A joint arrangement is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control
2
Q
Joint Operation
A
The parties that have joint control have rights to the assets and oblgations for the liabilities. Normally, there will not be a separate entity established to conduct joint operations.
3
Q
JV
A
Joint Control of the arrangement have rights to the net assets of the arrangement.
4
Q
Joint Operators need
A
Recognise their share of assets, liabilities, revenues and expenses of the joint operation
5
Q
Joint Ventures needs
A
to account using the equity method.
