The International Accounting Standards Board (IASB) recently issued a new standard, IFRS 11 Joint Arrangements that is effective for annual periods beginning on or after 1 January 2013. IFRS 11 replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities - Non Monetary Contributions by Venturers. IFRS 11 classifies joint arrangements into two types being joint operations and joint ventures whereas IAS 31 identified three types of joint arrangements being jointly controlled operations, jointly controlled assets and jointly controlled entities

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