Document ID: chunk:federal_register_of_legislation:F2019C00335:body:0:p2
Version: federal_register_of_legislation:F2019C00335
Segment Type: other
Provision Reference: 
Character Range: 2894–5914

other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS 11
AASB 11 Joint Arrangements incorporates IFRS 11 Joint Arrangements as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 11) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 11 also comply with IFRS 11.
Not-for-profit entities' compliance with IFRS 11 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 11.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 11
The Australian Accounting Standards Board made Accounting Standard AASB 11 Joint Arrangements under section 334 of the Corporations Act 2001 on 24 July 2015.

This compiled version of AASB 11 applies to annual periods beginning on or after 1 January 2019.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 14 February 2018 (see Compilation Details).

Accounting Standard AASB 11

Joint Arrangements

Objective
1 The objective of this Standard is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (ie joint arrangements).

Meeting the objective
2 To meet the objective in paragraph 1, this Standard 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.

Scope
3 This Standard shall be applied by all entities that are a party to a joint arrangement.

Joint arrangements
4 A joint arrangement is an arrangement of which two or more parties have joint control.
5 A joint arrangement has the following characteristics:
(a) The parties are bound by a contractual arrangement (see paragraphs B2–B4).
(b) The contractual arrangement gives two or more of those parties joint control of the arrangement (see paragraphs 7–13).
6 A joint arrangement is either a joint operation or a joint venture.

Joint control
7 Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
8 An