AASB 11 - How are Australian companies approaching the new Joint Arrangement standard?
In August 2011, the AASB issued three new standards AASB 10 Consolidated Financial Statements, AASB 11 Joint Arrangements and AASB 12 Disclosure of Interests in Other Entities with the aim of increasing consistency, transparency and comparability across these areas.
The second in our series of webcasts focused on standards for Australian companies, this event features a discussion on AASB 11, which describes the accounting for 'joint arrangements' over which two or more parties have joint control.
Whereas current accounting standards focus more on the legal form of the arrangement, AASB 11 focuses on the nature of the rights and obligations of the arrangement and, we believe, will involve greater management judgement.
This 60-minute webcast, designed for financial reporting managers, financial controllers and chief financial officers, will:
- Provide an overview of AASB 11 and the related disclosure requirements for joint arrangements
- Discuss the main differences from the current standard
- Identify key judgmental areas and the information required for management to make informed decisions ahead of the effective date of 1 January 2013
- Highlight important practical implications, including addressing frequently asked questions from industries where joint arrangements are common, such as the construction, real estate and extractive industries