IFRS In Practice 2016
03 May 2016
In May 2011 the International Accounting Standard Board (IASB) issued IFRS 11 Joint Arrangements, which superseded IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers. Because this treatment was rules-based, rather than principles-based, the treatment of jointly controlled entities under
IAS 31 was open to potential abuse through structuring arrangements. This meant that financial statements for economically identical entities could be significantly different. IFRS 11 established principles for financial reporting by parties to a joint arrangement.
Download our latest international bulletin that deals in detail with joint arrangements.