Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 16/05/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

No more joint venture proportionate consolidation (2011/15) 

IFRS 11 Joint Arrangements overhauls the accounting for joint ventures (now called joint arrangements). It was issued by the IASB on 12 May 2011 as part of its new suite of consolidation and related standards, also replacing existing requirements for subsidiaries.

We focus on IFRS 11 and the amendments to IAS 28 (2011) Investments in Associates and Joint Ventures.

 

IFRS 11 will be effective for annual periods beginning on or after 1 January 2013 and contains specific transition requirements.

 

Highlights

  • Classification of the joint arrangement depends on whether parties have rights to and obligations for underlying assets and liabilities.
  • Joint ventures equity accounted.
  • New requirements effective in annual periods beginning on or after 1 January 2013.
IFRS Briefing Sheets - International financial reporting updates