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.
- 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.