The objective of IFRS 11 is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (that is, joint arrangements). To meet this objective, IFRS 11 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.
According to IFRS 11, a joint arrangement is “an arrangement of which two or more parties have joint control.” Furthermore, IFRS 11 states that 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.”
IFRS 11 Joint Arrangements — 2011
For a more comprehensive introduction to the adoption of IFRSs, see the online course, IFRS 11/12 and IAS 28 — 2011. You must be registered to access and purchase the course.
Further resources on IFRS/IAS
Other IFRS/IAS articles and Professional Development Courses on PD Net