Problem regarding the joint operations

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Reference no: EM131005033

1. Joint operations. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the ar- rangement. Here the joint operators each devote certain assets (and related liabilities) to a joint exploitation but retain direct ownership of those assets and liabilities. In most cases no special legal vehicle is created. Revenues from the sale of the joint product and any expenses incurred in common, are usually split - for example, when two airlines both operate on the same route and agree to share revenues. A joint operator recognizes and measures the assets and liabilities (and the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant IFRS appli- cable to the particular assets, liabilities, revenues and expenses.

Reference no: EM131005033

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