Document ID: chunk:federal_register_of_legislation:F2019C00335:body:0:p6
Version: federal_register_of_legislation:F2019C00335
Segment Type: other
Provision Reference: 
Character Range: 13325–16357

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 Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Appendix A
Defined terms
This appendix is an integral part of the Standard.

joint arrangement             An arrangement of which two or more parties have joint control.
joint control                 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.
joint operation               A joint arrangement 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 operator                A party to a joint operation that has joint control of that joint operation.
joint venture                 A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
joint venturer                A party to a joint venture that has joint control of that joint venture.
party to a joint arrangement  An entity that participates in a joint arrangement, regardless of whether that entity has joint control of the arrangement.
separate vehicle              A separately identifiable financial structure, including separate legal entities or entities recognised by statute, regardless of whether those entities have a legal personality.

The following terms are defined in AASB 127, AASB 128 or AASB 10 Consolidated Financial Statements and are used in this Standard with the meanings specified in those Standards:
• control of an investee
• equity method
• power
• protective rights
• relevant activities
• separate financial statements
• significant influence.

Appendix B
Application guidance
This appendix is an integral part of the Standard. It describes the application of paragraphs 1–27 and has the same authority as the other parts of the Standard.
B1 The examples in this appendix portray hypothetical situations. Although some aspects of the examples may be present in actual fact patterns, all relevant facts and circumstances of a particular fact pattern would need to be evaluated when applying AASB 11.

Joint arrangements

Contractual arrangement (paragraph 5)
B2 Contractual arrangements can be evidenced in several ways. An enforceable contractual arrangement is often, but not always, in