AASB 131 "Interests in Joint Ventures" prescribes disclosure by venturers of each category of asset and liability contributed to the jointly controlled operations.

Question

Quizplus · Accepted Answer

AASB 131 has been superseded by AASB 11 "Joint Arrangements," which focuses on the classification of joint arrangements and the accounting treatment rather than specific disclosure requirements for assets and liabilities contributed to joint operations.

AASB 131 "Interests in Joint Ventures" Prescribes Disclosure by Venturers