As per IFRS 11, which of the following statements is true of the joint arrangement?
A)IFRS 11 is silent about joint arrangements.
B)In regard to joint venture accounting, IFRS 11 is quite different from U.S.GAAP.
C)IFRS 11 does not allow revaluation of assets.
D)A joint arrangement is either a joint operation or a joint venture.

Question

Quizplus · Accepted Answer

According to IFRS 11, a joint arrangement is either a joint operation or a joint venture. This distinction is important because the accounting treatment varies between the two types of joint arrangements. IFRS 11 does not allow for the revaluation of assets, and while it differs from U.S. GAAP in some areas, it is not specified as being "quite different" in regard to joint venture accounting. Therefore, choices A, B, and C are incorrect.

As Per IFRS 11, Which of the Following Statements Is