IFRS Snapshot: IFRS 11 Joint Arrangements

Category: IFRS

IFRS Snapshot: IFRS 11 Joint Arrangements

Excerpt

Applies to: ALL entities that are party to joint arrangements (JA).

  • Joint arrangement = arrangement where two or more parties have joint control.
  • Joint control = contractually agreed sharing of control of an arrangement, which exists only when decisions on relevant activities require unanimous consent of parties sharing control.
  • Control = when all parties are exposed, or have rights, to variable returns from involvement with arrangement and have the ability to affect those returns through its power over the arrangement.
  • Relevant activities = activities that significantly affect the arrangement’s returns.
  • Unanimous consent = any party with joint control can prevent any other party(ies) from making unilateral decisions about the relevant activities without its consent.

IFRS 11 Joint Arrangements

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.