LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD
Malaysian Financial Reporting Standard 11
© Malaysian Accounting Standards Board 2011 1
MFRS 11 This Standard contains material in which the IFRS Foundation holds copyright and which has been reproduced in this Standard with the permission of the IFRS Foundation. Copyright in the International Financial Reporting Standards (including International Accounting Standards and SIC and IFRIC Interpretations), International Accounting Standards Board (IASB) Exposure Drafts, and other IASB publications belong to the IFRS Foundation. All rights are reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to MASB or as may be expressly permitted by law or under terms agreed with the appropriate reprographics rights organisation. No part of the materials incorporated in this publication, the copyright of which is held by the IFRS Foundation, may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to the IFRS Foundation or as may be expressly permitted by law or under terms agreed with the appropriate reprographics rights organisation. MFRS 11 Joint Arrangements is issued by the MASB in respect of its application in Malaysia.
MFRS 11 CONTENTS paragraphs PREFACE INTRODUCTION IN1–IN11
MALAYSIAN FINANCIAL REPORTING STANDARD 11 JOINT ARRANGEMENTS OBJECTIVE SCOPE JOINT ARRANGEMENTS Joint control Types of joint arrangement FINANCIAL STATEMENTS OF PARTIES TO A JOINT ARRANGEMENT Joint operation Joint venture SEPARATE FINANCIAL STATEMENTS APPENDICES A Defined terms B Application guidance C Effective date, transition and withdrawal of other MFRSs 1–2 3 4–19 7–13 14–19 20–25 20–23 24–25 26–27
Style Additions to the original text of IFRSs are clearly identified and would be made in a manner that preserves the format and structure of the IFRSs. If a new paragraph or new text is added by MASB, that paragraph or text would be underlined and shaded. If a paragraph is deleted by MASB, that paragraph would be clearly indicated as “[Deleted by MASB]”. The text of the deleted paragraph will be re-produced at the end of that Standard for readers’ information and does not form part of the Standard. If a text is deleted by MASB, that text would be strike through and shaded. Those additions and deletions which are underlined or struck through without shading are amendments made by the IASB. Other than the bare MFRS which uses MASB nomenclature, the bases for conclusions, illustrative examples, guidance notes or any other additional explanatory material which does not expressly state it is an “integral part of the MFRS” uses nomenclature of the IASB ie IFRS, IAS, IFRIC or SIC.
MFRS 11 Malaysian Financial Reporting Standard 11 Joint Arrangements (MFRS 11) is set out in paragraphs 1–27 and Appendices A–C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. Definitions of other terms are given in the Glossary for Malaysian Financial Reporting Standards. MFRS 11 should be read in the context of its objective and the Basis for Conclusions, the Foreword to Malaysian Financial Reporting Standards and the Conceptual Framework for Financial Reporting. MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
The Malaysian Accounting Standards Board (MASB) is implementing its policy of convergence through adopting International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards...