In respect of its interests in jointly controlled operations,AASB 131 "Interests in Joint Ventures" prescribes a venturer 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 venture.

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AASB 131 requires a venturer to recognize its share of assets, liabilities, expenses, and income from the sale of goods or services in respect of its interests in jointly controlled operations.

In Respect of Its Interests in Jointly Controlled Operations,AASB 131