ICAI Released Educational Material on Indian Accounting Standard (Ind AS) 111, Joint Arrangements

ICAI Released Educational Material on Indian Accounting Standard (Ind AS) 111, Joint Arrangements Indian Accounting Standard (Ind AS) 111, Joint Arrangements, was notified as part of the Companies (Indian Accounting Standards) Rules, 2015 issued by the Ministry of Corporate Affairs, Government of India, vide notification no. G.S.R. 111(E) dated February 16, 2015. These Rules came into force w.e.f. 1st April, 2015. The objective of Ind AS 111 is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i.e., joint arrangements). The standard requires an entity that is a party to a joint arrangement to determine the type of joint arrangement in which it is involved by assessing its rights and obligations and to account for those rights and obligations in accordance with that type of joint arrangement. This Educational Material on Ind AS 111, Joint Arrangements will provide guidance to the stakeholders in how an entity that is a party to a joint arrangement to determine the type of joint arrangement by assessing its rights and obligations and to account for those rights and obligations in accordance with that type of joint arrangement. This Educational Material contains summary of Ind AS 111 discussing the key requirements of the Standards and the Frequently Asked Questions (FAQs) and illustrations covering the issues, which are expected to be encountered frequently while implementing these Standards.