JOINT ARRANGEMENTS
создатель Jazel Camarines
1. An arrangement of which to or more parties have “joint” control
2. Key elements:
2.1. Contractual Arrangements
2.1.1. Sharing of joint control over and investee distinguishes an “interest in a joint arrangement” from other types of investments
2.2. Joint Control
2.2.1. “the contractually agreed sharing of control” of an agreement which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control”
3. Financial Reporting by Joint Operations
3.1. Shall Recognized;
3.1.1. Assets including its share held jointly
3.1.2. Liabilities including its share incurred jointly
3.1.3. Revenue from sale including its share of output arising from joint operation
3.1.4. Expenses including its share incurred jointly
4. It is extinguished when the obligation in the insurance contract expires, discharged or cancelled
5. Related standards:
5.1. PFRS 11 Joint Arrangements
5.2. PAS 28 Investments in Associates and Join Ventures
5.3. Section 15 of the PFRS for SMEs
6. Types
6.1. Joint Operations
6.1.1. Have rights to the assets and obligations for the liabilities of the arrangements
6.2. Joint Venture
6.2.1. Have rights to the net assets of the arrangements