Document ID: chunk:federal_register_of_legislation:F2019C00335:body:0:p5
Version: federal_register_of_legislation:F2019C00335
Segment Type: other
Provision Reference: 
Character Range: 10806–13609

information that is required in those Australian Accounting Standards in relation to business combinations. This applies to the acquisition of both the initial interest and additional interests in a joint operation in which the activity of the joint operation constitutes a business. The accounting for the acquisition of an interest in such a joint operation is specified in paragraphs B33A–B33D.
22 The accounting for transactions such as the sale, contribution or purchase of assets between an entity and a joint operation in which it is a joint operator is specified in paragraphs B34–B37.
23 A party that participates in, but does not have joint control of, a joint operation shall also account for its interest in the arrangement in accordance with paragraphs 20–22 if that party has rights to the assets, and obligations for the liabilities, relating to the joint operation. If a party that participates in, but does not have joint control of, a joint operation does not have rights to the assets, and obligations for the liabilities, relating to that joint operation, it shall account for its interest in the joint operation in accordance with the Standards applicable to that interest.

Joint ventures
24 A joint venturer shall recognise its interest in a joint venture as an investment and shall account for that investment using the equity method in accordance with AASB 128 Investments in Associates and Joint Ventures unless the entity is exempted from applying the equity method as specified in that standard.
25 A party that participates in, but does not have joint control of, a joint venture shall account for its interest in the arrangement in accordance with AASB 9 Financial Instruments, unless it has significant influence over the joint venture, in which case it shall account for it in accordance with AASB 128.

Separate financial statements
26 In its separate financial statements, a joint operator or joint venturer shall account for its interest in:
(a) a joint operation in accordance with paragraphs 20–22;
(b) a joint venture in accordance with paragraph 10 of AASB 127 Separate Financial Statements.
27 In its separate financial statements, a party that participates in, but does not have joint control of, a joint arrangement shall account for its interest in:
(a) a joint operation in accordance with paragraph 23;
(b) a joint venture in accordance with AASB 9, unless the entity has significant influence over the joint venture, in which case it shall apply paragraph 10 of AASB 127.

Commencement of the legislative instrument
Aus27.1 For legal purposes, this legislative instrument commences on 31 December 2015.

Withdrawal of AASB pronouncements
Aus27.2 This Standard repeals AASB 11 Joint Arrangements issued in August 2011. Despite the repeal, after the time this