A venturer that recognises in its financial statements the assets that it controls,the liabilities it incurs,the expenses that it incurs and its share of the income that it earns from the sale of goods or services by the joint venture is prescribed by AASB 11 for which type(s)of joint venture(s)?

Question

Quizplus · Accepted Answer

AASB 11 prescribes that a venturer involved in a joint operation recognizes in its financial statements the assets it controls, the liabilities it incurs, the expenses it incurs, and its share of the income from the sale of goods or services by the joint venture. This approach is specific to joint operations, distinguishing them from other types of joint ventures like jointly controlled entities or assets.

A Venturer That Recognises in Its Financial Statements the Assets