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News & Press: ACCOUNTING AND FINANCIAL REPORTING

IFRS 11 Joint Arrangements amendments published

12 May 2014   (0 Comments)
Posted by: Pat Sweet
IFRS 11 addresses the accounting for interests in joint ventures and joint operations.  The amendments made are in response to a recommendation by the IRFS Interpretations Committee, which had identified that diversity in practice had arisen in this context, since it was unclear whether the acquirer of such interests in joint operations should apply the principles in IFRS 3, Business Combinations, on initial recognition of the interest or whether the acquirer should instead account for it as the acquisition of a group of assets.

Source: Accountancy Live 


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