In respect of its interests in joint operations,AASB 11 Joint Arrangements prescribes a joint operator to recognise in its financial statements,the assets that it controls and the liabilities that it incurs,and the expenses that it incurs and its share of the income that it earns from the sale of goods or services by the joint operation.

Question

Quizplus · Accepted Answer

This statement accurately describes the requirements of AASB 11 for joint operators to recognise their share of assets, liabilities, expenses and income related to joint operations in their financial statements.

In Respect of Its Interests in Joint Operations,AASB 11 Joint