ACCA P2考试：Joint Operations
1 Relationship
A joint operation exists when the entity only has a share in the individual assets or liabilities of the joint arrangement (e.g. an oil company sharing the control of a pipeline).
Key point: It is the rights to individual assets (or obligations for liabilities) that drive a joint operations relationship rather than rights to the net asset position of the joint arrangement.
2 Accounting
For joint operation, the joint operator recognises:
its assets, to include a share of any jointly held assets;
its liabilities, to include a share of any liabilities jointly incurred;
its revenue from the sale of its share of any output from the joint operation;
its expenses, to include a share of any jointly incurred expenses.
The accounting for any assets, liabilities, revenue and expenses will be in accordance with the relevant standard. When accounting for property, IAS 16 will be the relevant standard.
IFRS 11 is also applicable to an entity which participates in a joint operation but does not have joint control, as long as that entity has rights to the assets or obligations for the liabilities of the joint operation.
2.1 Sales or Contributions of Assets to Joint Operation
If a joint operator sells goods to the joint operation at a profit or loss then the joint operator will only recognise the profit or loss to the extent of the other parties' interests in the joint operation.
2.2 Purchases of Assets From a Joint Operation
If a joint operator purchases goods from a joint operation to which it is a party, it must not recognise its share of any gains or losses until it resells the assets to an external party.
2.3 Acquisition of an Interest in a Joint Operation
ED 2012/7 Acquisition of an Interest in a Joint Operation clarifies the application of the principles of IFRS 3 on the acquisition of an interest in a joint operation.
The recognition and measurement principles include:
measuring identifiable assets and liabilities at their acquisition date fair values;
recognising acquisition costs as an expense in the period incurred;
recognising any deferred tax assets or liabilities resulting from the acquisition; and recognising any excess of the consideration paid over the fair value of assets acquired as goodwill.
