Download Complete Text of Indian Accounting Standard (Ind AS) 111, Joint Arrangements
Ind AS 111: Joint Arrangements
The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (ie joint arrangements).
To meet the objective this Ind AS defines joint control and requires an entity that is a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and to account for those rights and obligations in accordance with that type of joint arrangement.
This Ind AS shall be applied by all entities that are a party to a joint arrangement.
A joint arrangement is an arrangement of which two or more parties have joint control.
A joint arrangement has the following characteristics:
(a) The parties are bound by a contractual arrangement.
(b) The contractual arrangement gives two or more of those parties joint control of the arrangement.
A joint arrangement is either a joint operation or a joint venture.