Objective
The objective of this IFRS is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (ie joint arrangements).
Scope
This IFRS shall be applied by all entities that are a party to a joint arrangement
Defined terms
joint arrangement An arrangement of which two or more parties have joint control
joint control 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.
joint operation A joint arrangement 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 operator A party to a joint operation that has joint control of that joint operation.
joint venture A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement
joint venturer A party to a joint venture that has joint control of that joint venture.
party to a joint arrangement An entity that participates in a joint arrangement, regardless of whether that entity has joint control of the arrangement.
separate vehicle A separately identifiable financial structure, including separate legal entities or entities recognised by statute, regardless of whether those entities have a legal personality.
Disclosure
Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) was approved for issue by the fourteen members of the International Accounting Standards Board.