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IFRS 11: Accounting for Changes in Classification between Joint Ventures and Joint Operations Extract, IFRS Discussion Group Report on Meeting June 12, 2014, IFRS 11 Joint Arrangements and IAS 28

How to fill out ifrs 11 accounting for

How to fill out ifrs 11 accounting for

1. Understand the scope and objectives of IFRS 11 Accounting for Joint Arrangements.
2. Familiarize yourself with the types of joint arrangements covered by IFRS 11, such as joint operations and joint ventures.
3. Determine the appropriate accounting method for your specific joint arrangement, considering whether it qualifies as a joint operation or a joint venture.
4. Record the initial recognition of the joint arrangement by identifying the assets, liabilities, revenues, and expenses related to the arrangement.
5. Measure the joint arrangement either using the proportionate consolidation method for joint operations or the equity method for joint ventures.
6. Prepare and present the financial statements for the joint arrangement, complying with the disclosure requirements of IFRS 11.
7. Regularly assess and reassess the joint arrangement's classification and measurement, considering any changes in rights and obligations.
8. Communicate and collaborate with other parties involved in the joint arrangement to ensure accurate and consistent accounting for the arrangement.
9. Stay updated with any changes or amendments to IFRS 11 and adjust your accounting practices accordingly.
10. Seek external expertise or consult professional accountants if you encounter complex or unique issues in applying IFRS 11 to your joint arrangements.

Who needs ifrs 11 accounting for?

1. Any entity or individual that engages in joint arrangements as defined by IFRS 11 may need to apply IFRS 11 accounting. This includes companies or organizations that collaborate with others to carry out activities or projects together, sharing control, risks, and rewards. Joint arrangements can be found in various sectors, such as oil and gas, construction, telecommunication, mining, and more. The application of IFRS 11 ensures consistent and transparent accounting for joint arrangements, providing users of financial statements with relevant information about the entity's involvement in such arrangements.

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