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Mar 7, 2019 · Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
party with joint control of an arrangement can prevent any of the other parties, or a group of the parties, from controlling the arrangement. An arrangement can be a joint arrangement even though not all of its parties
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IFRS 11 establishes principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (joint arrangements). A joint arrangement is an arrangement of which two or more parties have joint control.
A joint arrangement [Refer: paragraphs 5 and 6] is an arrangement of which two or more parties have joint control [Refer: paragraphs 7–13]. 5. A joint arrangement has the following characteristics: (a) The parties are bound by a contractual arrangement (see paragraphs B2–B4 ). (b)
May 2, 2024 · A joint arrangement is one where two or more parties jointly control it, as defined in IFRS 11.4. Such arrangements are commonly initiated for multiple reasons. For instance, they can help parties share costs and risks or provide access to new technology or markets.
An arrangement can be a joint arrangement even though not all of its parties have joint control of the arrangement. IFRS 11 distinguishes between parties that have joint control of a joint arrangement (joint operators or joint venturers) and parties that participate in, but do not have joint control of, a joint arrangement.
Jun 20, 2021 · IFRS 11 Joint Arrangements governs the requirements on how entities account for their interests in joint arrangements. The International Accounting Standards Board (“IASB) introduced the standard in May 2011. The standard replaces IAS 31 Financial Reporting of Interests in Joint Ventures .
