• 2024 Issued Standard – IFRS 11
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024.

A joint arrangement is an arrangement of which two or more parties, bound by a contractual agreement, have joint control. Joint arrangements are classified, dependent on the controlling parties' rights and obligations, as either:

• Joint operations – joint arrangements 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 ventures – joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.

A joint arrangement where the assets and liabilities relating to the arrangement are held in a separate vehicle can be a joint venture or joint operation; a joint arrangement that is not structured through a separate vehicle is a joint operation.

A joint operator recognises in its financial statements (including its separate financial statements):

• assets, including its share of jointly held assets;
• liabilities, including its share of jointly held liabilities;
• revenue from the sale of its share of the output of the joint operation;
• its share of the revenue from the sale of the output by the joint operation;
• its expenses, including its share of any expenses incurred jointly.

A joint venturer should account for its investment using the equity method in accordance with IAS 28. In its separate financial statements, a joint venturer should account for its investment either at cost or in accordance with IFRS 9.

IFRS 11 does not include any disclosure requirements; these are included in IFRS 12 Disclosure of Interests in Other Entities.

IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
Provides guidance on how a contributor to a decommissioning fund should account for its interest in a fund.