On 12 May 2011, the International Accounting Standards Board issued IFRS 11 Joint Arrangements. The standard has an effective date of 1 January 2013.
The standard establishes principles for financial reporting by parties to a joint arrangement.
IFRS 11 supersedes IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers and is effective for annual periods beginning on or after 1 January 2013. Earlier application is permitted.