IFRS 11Chapter 3Lesson 3
Other facts and circumstances and Committee decisions on classification
Step 1 of 6Learning objectives
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Other facts and circumstances, the third element of analysis for a separate vehicle, and the Interpretations Committee's 2015 decisions on enforceable rights and on arrangements with similar features.
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Learning objectives
- Analyse whether other facts and circumstances give the parties rights to assets and obligations for liabilities.
- Justify a classification as a joint operation based on other facts and circumstances by citing the element of the case.
- Evaluate, in light of the 2015 decision, whether facts create enforceable rights and obligations, and why two similar arrangements may be classified differently.