{"entries":[{"key":"LX.IFRS11.000001","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"JA_DEFINITION_TF","difficulty":"BEGINNER","estimated_time_s":40,"lesson_id":"LS.IFRS11.000001","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Two companies that each hold half of the shares of an entity are parties to a joint arrangement, even if one of them alone takes the important decisions.","es":""},"explanation":{"fr":"","en":"Without unanimity required by the arrangement on the relevant decisions, there is no joint control and so no joint arrangement (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Inferring a joint arrangement from an equal split of shares.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000002","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RECOGNITION","format":"SINGLE_CHOICE","context":"ENERGY","tested_point":"JA_IDENTIFY_SC","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IFRS11.000001","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"example"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Which of these situations is a joint arrangement within the meaning of IFRS 11?","es":""},"explanation":{"fr":"","en":"Only the situation of the two producers who decide together combines a contractual arrangement, two parties and control shared by unanimity (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Seeing a joint arrangement in any lasting relationship between two companies.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A producer holds 35% of a neighbouring wind farm and has a board seat, with no agreement to share control","es":""},"correct":false,"feedback":{"fr":"","en":"Influence at board level does not create control shared by agreement; this is not a joint arrangement (IFRS 11, Appendix A).","es":""}},{"id":"B","text":{"fr":"","en":"A producer holds 85% of a wind farm and alone appoints management, with three shareholders sharing the balance","es":""},"correct":false,"feedback":{"fr":"","en":"A single investor decides: there is no sharing of control (IFRS 11, Appendix A).","es":""}},{"id":"C","text":{"fr":"","en":"A producer buys electricity each year from a neighbouring wind farm under an ordinary supply contract","es":""},"correct":false,"feedback":{"fr":"","en":"A supply contract organises no sharing of control of the operation (IFRS 11, Appendix A).","es":""}},{"id":"D","text":{"fr":"","en":"Two producers agree by contract that any decision on their shared wind farm needs both approvals","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000003","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"MANUFACTURING","tested_point":"JA_CLASSIFY_SITUATIONS","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IFRS11.000001","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"example"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Classify each situation (case facts) according to whether or not it is a joint arrangement.","es":""},"explanation":{"fr":"","en":"A joint arrangement needs a contractual arrangement requiring the unanimity of the parties sharing control; control held by one party or a mere shareholding is not one (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Being guided by the percentage rather than by the decision rule.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Joint arrangement","es":""}},{"id":"c2","text":{"fr":"","en":"Not a joint arrangement","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Cervan SA and Dalmor SA sign a contract: the production plan of their shared plant cannot change without the approval of both.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Fenlor SA alone decides the budget and investments of Vimal SA, of which it holds 90% of the shares.","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"Three companies agree that the strategic choices of their shared laboratory need their unanimous approval.","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"A company buys 8% of the listed shares of another company and votes at meetings like any shareholder.","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Two businesses each hold half of an entity; the agreement gives the first the last word on any important decision.","es":""},"category":"c2"},{"id":"i6","text":{"fr":"","en":"Two businesses jointly operate a warehouse; the agreement requires their unanimous consent for any investment.","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000004","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"TECH","tested_point":"JA_TERMS_MATCH","difficulty":"BEGINNER","estimated_time_s":80,"lesson_id":"LS.IFRS11.000001","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Match each IFRS 11 term with its description.","es":""},"explanation":{"fr":"","en":"Each term has its own definition in Appendix A; the description of an entity run by a single investor corresponds to a subsidiary, outside joint arrangements (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Linking the joint venture to rights to assets.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"Joint arrangement","es":""}},{"id":"l2","text":{"fr":"","en":"Joint control","es":""}},{"id":"l3","text":{"fr":"","en":"Joint operation","es":""}},{"id":"l4","text":{"fr":"","en":"Joint venture","es":""}}],"right":[{"id":"r4","text":{"fr":"","en":"Arrangement where the parties have rights to the net assets","es":""}},{"id":"r5","text":{"fr":"","en":"Entity run by a single investor that holds the majority of the voting rights","es":""}},{"id":"r2","text":{"fr":"","en":"Contractually agreed sharing of control, with unanimous consent on the relevant decisions","es":""}},{"id":"r3","text":{"fr":"","en":"Arrangement where the parties have rights to assets and obligations for liabilities","es":""}},{"id":"r1","text":{"fr":"","en":"Arrangement over which two or more parties have joint control","es":""}}],"pairs":[{"left":"l1","right":"r1"},{"left":"l2","right":"r2"},{"left":"l3","right":"r3"},{"left":"l4","right":"r4"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000005","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"FINANCE","tested_point":"JA_CONDITIONS_MC","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000001","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Which of the following elements must be present for an arrangement to be a joint arrangement?","es":""},"explanation":{"fr":"","en":"There must be at least two parties and shared control requiring unanimity; neither a separate company nor equal percentages is required (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Adding conditions of form that the definition does not contain.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Two or more parties are bound by the arrangement","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The parties have set up a separate company together","es":""},"correct":false,"feedback":{"fr":"","en":"Setting up a company is not a condition for a joint arrangement to exist (IFRS 11, Appendix A).","es":""}},{"id":"C","text":{"fr":"","en":"The relevant decisions require the unanimous consent of the parties sharing control","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Each party holds exactly the same percentage of the rights","es":""},"correct":false,"feedback":{"fr":"","en":"Equal percentages are not required; the decision rule matters (IFRS 11, Appendix A).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000006","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"REAL_ESTATE","tested_point":"JA_ERRORS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000001","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"pitfalls"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about joint arrangements.","es":""},"explanation":{"fr":"","en":"Two statements restate Appendix A; two confuse the name or the number of shareholders with joint control (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Stopping at the number of shareholders or the title of the contract.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"An arrangement titled \"joint venture\" is necessarily a joint venture within the meaning of IFRS 11.","es":""},"erroneous":true,"correction":{"fr":"","en":"The type depends on the parties' rights and obligations, not on the name of the arrangement (IFRS 11, Appendix A).","es":""}},{"id":"s2","text":{"fr":"","en":"An entity controlled by a single investor is a joint arrangement as soon as it has several shareholders.","es":""},"erroneous":true,"correction":{"fr":"","en":"Control by a single investor rules out joint control, whatever the number of shareholders (IFRS 11, Appendix A).","es":""}},{"id":"s3","text":{"fr":"","en":"The sharing of control of a joint arrangement is established by a contractual arrangement.","es":""},"erroneous":false},{"id":"s4","text":{"fr":"","en":"The parties with joint control of a joint venture have rights to the net assets.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000007","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"JC_CONTRACTUAL_FILL","difficulty":"BEGINNER","estimated_time_s":70,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-unanimity"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Complete the definition of joint control.","es":""},"explanation":{"fr":"","en":"The definition retains a contractual sharing, decisions about the relevant activities and unanimous consent (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Replacing unanimity with a majority.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"Joint control is a {{b1}} sharing of control; it exists only if decisions about the {{b2}} require the {{b3}} consent of the parties sharing control.","es":""},"blanks":[{"id":"b1","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"contractually agreed","es":""}},{"id":"c2","text":{"fr":"","en":"imposed by law","es":""}},{"id":"c3","text":{"fr":"","en":"decided by the general meeting","es":""}}],"answer":"c1"},{"id":"b2","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"ancillary activities","es":""}},{"id":"c2","text":{"fr":"","en":"relevant activities","es":""}},{"id":"c3","text":{"fr":"","en":"treasury operations","es":""}}],"answer":"c2"},{"id":"b3","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"majority","es":""}},{"id":"c2","text":{"fr":"","en":"of the manager","es":""}},{"id":"c3","text":{"fr":"","en":"unanimous","es":""}}],"answer":"c3"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000008","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"TRANSPORT","tested_point":"JC_CLAUSES_MC","difficulty":"BEGINNER","estimated_time_s":80,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"understand"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"The agreement between two companies jointly operating a shipping line contains several clauses. Which ones share control over the relevant activities?","es":""},"explanation":{"fr":"","en":"The clauses requiring the approval of both parties for routes and investments share control (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Retaining information clauses as decision clauses.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A quarterly traffic report is handed to each company","es":""},"correct":false,"feedback":{"fr":"","en":"An information report does not share decision power (IFRS 11, Appendix A).","es":""}},{"id":"B","text":{"fr":"","en":"The route plan can change only with the written approval of both companies","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The two companies meet once a year to exchange views on the market","es":""},"correct":false,"feedback":{"fr":"","en":"A discussion meeting imposes no unanimous agreement on the relevant decisions (IFRS 11, Appendix A).","es":""}},{"id":"D","text":{"fr":"","en":"The purchase of a new vessel requires the approval of both companies","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000009","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"JC_STRUCTURE_SC","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-unanimity"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Merdain and Lodin each hold 50% of an entity. The agreement specifies that Merdain alone settles the budget and appoints management. What can be concluded?","es":""},"explanation":{"fr":"","en":"If a single party decides the relevant activities, unanimity is not required and control is not joint; Merdain controls the entity (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Concluding on the percentage without reading the decision clause.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"There is joint control, because each company holds half of the shares","es":""},"correct":false,"feedback":{"fr":"","en":"The percentage is not enough; the decision rule gives the decisions to Merdain (IFRS 11, Appendix A).","es":""}},{"id":"B","text":{"fr":"","en":"There is joint control, because Lodin can at least speak at the general meeting","es":""},"correct":false,"feedback":{"fr":"","en":"Being able to speak does not create a veto over the relevant decisions (IFRS 11, Appendix A).","es":""}},{"id":"C","text":{"fr":"","en":"No joint control: Lodin's approval is not required","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"There is joint control, because the agreement is signed by both companies","es":""},"correct":false,"feedback":{"fr":"","en":"A double signature says nothing about who decides the relevant activities (IFRS 11, Appendix A).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000010","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.COLLECTIVE_CONTROL_FIRST"],"dimension":"ANALYSIS","format":"ORDERING","context":"FINANCE","tested_point":"CCF_STEPS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-two-steps"},"references":["IFRS 11 §8","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Put in order the approach to assessing joint control proposed by this course (pedagogical organisation).","es":""},"explanation":{"fr":"","en":"The arrangement is read first, then collective control is established, then unanimity, and a conclusion is reached; the order is a pedagogical organisation that respects the two steps of the standard (IFRS 11).","es":""},"common_error":{"fr":"","en":"Concluding before reading the decision rule.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"Read the contractual arrangement and identify the relevant activities","es":""}},{"id":"s2","text":{"fr":"","en":"Determine whether the parties, or a group of parties, control the arrangement collectively","es":""}},{"id":"s3","text":{"fr":"","en":"Check whether the relevant decisions require the unanimity of the parties that control collectively","es":""}},{"id":"s4","text":{"fr":"","en":"Conclude on joint control and name the parties that exercise it","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000011","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.COLLECTIVE_CONTROL_FIRST"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"MEDIA","tested_point":"CCF_TWO_STEPS_SC","difficulty":"INTERMEDIATE","estimated_time_s":70,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-two-steps"},"references":["IFRS 11 §8","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Which of these descriptions matches the IFRS 11 approach to joint control?","es":""},"explanation":{"fr":"","en":"Collective control is assessed before unanimity (IFRS 11).","es":""},"common_error":{"fr":"","en":"Reversing the two steps.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"First collective control, then the unanimity of the parties that control collectively","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"First the unanimity of the parties to the arrangement, then the search for collective control","es":""},"correct":false,"feedback":{"fr":"","en":"The order is reversed: unanimity is assessed among the parties that control collectively (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"First classification as a joint venture, then verification of the parties' unanimity","es":""},"correct":false,"feedback":{"fr":"","en":"Classification comes after joint control is established (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"First the largest percentage of votes, then the agreement of the largest party","es":""},"correct":false,"feedback":{"fr":"","en":"The approach does not rely on the size of the parties but on collective control (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000012","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.COLLECTIVE_CONTROL_FIRST"],"dimension":"ANALYSIS","format":"SINGLE_CHOICE","context":"AUTOMOTIVE","tested_point":"CCF_FOUR_PARTIES","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"judgment"},"references":["IFRS 11 §8","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Four companies each hold 25% of the voting rights of an entity. The agreement requires 60% of the votes for any relevant decision. Combinations of three companies reach 75%, those of two companies 50%. What can be concluded on joint control (under IFRS 11, where no specific combination is required, there is no joint control)?","es":""},"explanation":{"fr":"","en":"Several combinations of three companies reach 60% and no company is indispensable; without a required combination, one does not conclude on joint control (IFRS 11).","es":""},"common_error":{"fr":"","en":"Confusing several possible combinations with the unanimity of specific parties.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The four companies have joint control, because each takes part in at least one winning combination","es":""},"correct":false,"feedback":{"fr":"","en":"Taking part in a winning combination is not enough: no specific combination is required (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"Any two companies have joint control, because together they hold half of the votes","es":""},"correct":false,"feedback":{"fr":"","en":"A pair reaches only 50%, below the 60% required; it cannot decide alone.","es":""}},{"id":"C","text":{"fr":"","en":"There is necessarily joint control, since the decision is taken by a vote threshold set by contract","es":""},"correct":false,"feedback":{"fr":"","en":"A contractual threshold does not by itself create joint control; a required combination is also needed (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"Several combinations of three companies can decide, none being required: no joint control","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000013","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION","IFRS11.CONTROL.COLLECTIVE_CONTROL_FIRST"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"CONSTRUCTION","tested_point":"JC_THREE_WAY_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"example"},"references":["IFRS 11","IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"Classify each situation (case facts) by the conclusion on control of the entity.","es":""},"explanation":{"fr":"","en":"Joint control: relevant decisions by unanimity of parties that control collectively; control by a single party: it directs alone; otherwise, neither joint control nor control (IFRS 11).","es":""},"common_error":{"fr":"","en":"Placing every multi-party arrangement among the joint controls.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Joint control","es":""}},{"id":"c2","text":{"fr":"","en":"Control by a single party","es":""}},{"id":"c3","text":{"fr":"","en":"Neither","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Two companies direct an entity together; any major contract requires their double signature.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"A company alone appoints the managers and alone settles the budget of an entity of which it holds 60%.","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"Three companies share a project; each pair can decide by majority, without any being required (IFRS 11: no joint control).","es":""},"category":"c3"},{"id":"i4","text":{"fr":"","en":"Two companies share a project; each can veto the purchase of major equipment.","es":""},"category":"c1"},{"id":"i5","text":{"fr":"","en":"A fund holds 12% of a listed company and has no particular decision right.","es":""},"category":"c3"},{"id":"i6","text":{"fr":"","en":"One company alone directs the entity's relevant activities, two other companies being passive shareholders.","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000014","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"GENERIC","tested_point":"JC_SIGNATURE_TF","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IFRS11.000002","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-unanimity"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"As soon as two companies have signed an agreement, there is joint control, even if only one of them decides the relevant activities.","es":""},"explanation":{"fr":"","en":"Without unanimity required on the relevant decisions, control is not joint, whatever the signatures (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Inferring joint control from the signature alone.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000015","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS"],"dimension":"CALCULATION","format":"CALCULATION","context":"MINING","tested_point":"VOTE_PAIR_SUMS","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"numeric-vote"},"references":["IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"Delvor holds 47%, Estrin 39% and Fabrin 14% of the votes of an entity; relevant decisions require 78%. Calculate the total votes of each pair.","es":""},"explanation":{"fr":"","en":"47 + 39 = 86%; 47 + 14 = 61%; 39 + 14 = 53%: only the pair Delvor + Estrin reaches 78%, and each is needed (IFRS 11).","es":""},"common_error":{"fr":"","en":"Comparing each party alone with the threshold instead of calculating the pairs.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Delvor","es":""},"value":"47","unit":"PERCENT"},{"label":{"fr":"","en":"Estrin","es":""},"value":"39","unit":"PERCENT"},{"label":{"fr":"","en":"Fabrin","es":""},"value":"14","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Delvor + Estrin","es":""},"answer":86,"tolerance":0,"unit":"PERCENT"},{"id":"s2","label":{"fr":"","en":"Delvor + Fabrin","es":""},"answer":61,"tolerance":0,"unit":"PERCENT"},{"id":"s3","label":{"fr":"","en":"Estrin + Fabrin","es":""},"answer":53,"tolerance":0,"unit":"PERCENT"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000016","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"GENERIC","tested_point":"VOTE_FIRST_STEP","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"rule-reading"},"references":["IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"To read an arrangement's decision rule, what must be noted first?","es":""},"explanation":{"fr":"","en":"The required majority serves as the reference to look for the combinations of parties that can decide (IFRS 11).","es":""},"common_error":{"fr":"","en":"Starting with information unrelated to the decision.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The name of the party that wrote the arrangement","es":""},"correct":false,"feedback":{"fr":"","en":"The author of the text does not show who can decide (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"The date on which the parties signed the arrangement","es":""},"correct":false,"feedback":{"fr":"","en":"The signature date gives no information on the voting rule (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"The majority required for the relevant decisions","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The entity's result for the last closed year","es":""},"correct":false,"feedback":{"fr":"","en":"Past result does not shed light on the decision rule (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000017","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.PARTIES_WITHOUT_JOINT_CONTROL"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"MEDIA","tested_point":"PARTY_TERMS_MATCH","difficulty":"BEGINNER","estimated_time_s":80,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"rule-parties"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Match each situation with the term that designates the party.","es":""},"explanation":{"fr":"","en":"Only the parties with joint control are joint operators or joint venturers; the other is without joint control (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Calling every party to the arrangement a joint operator.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"Party with joint control of a joint operation","es":""}},{"id":"l2","text":{"fr":"","en":"Party with joint control of a joint venture","es":""}},{"id":"l3","text":{"fr":"","en":"Party to a joint arrangement whose agreement is never needed for relevant decisions","es":""}}],"right":[{"id":"r4","text":{"fr":"","en":"Subsidiary","es":""}},{"id":"r3","text":{"fr":"","en":"Party without joint control","es":""}},{"id":"r2","text":{"fr":"","en":"Joint venturer","es":""}},{"id":"r1","text":{"fr":"","en":"Joint operator","es":""}}],"pairs":[{"left":"l1","right":"r1"},{"left":"l2","right":"r2"},{"left":"l3","right":"r3"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000018","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"FOOD","tested_point":"VOTE_TWO_COMBINATIONS","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"numeric-vote"},"references":["IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"Nolden holds 51% of the votes, Opar 29% and Pelun 20%. Relevant decisions require 60%. Nolden + Opar make 80%, Nolden + Pelun 71%, Opar + Pelun 49%. What can be concluded (under IFRS 11, where no specific combination is required, there is no joint control)?","es":""},"explanation":{"fr":"","en":"Two combinations (Nolden + Opar, Nolden + Pelun) reach 60%: no specific combination is required, so one does not conclude on joint control, unless a clause names the required parties (IFRS 11).","es":""},"common_error":{"fr":"","en":"Concluding on joint control as soon as a pair reaches the majority.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Nolden and Opar have joint control, because their total is the highest","es":""},"correct":false,"feedback":{"fr":"","en":"The highest total does not make a combination required; another combination can also decide (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"Neither of the two 60% combinations is required: no joint control","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"All three parties have joint control, because each belongs to a winning combination","es":""},"correct":false,"feedback":{"fr":"","en":"Belonging to a winning combination does not establish that its agreement is required (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"Nolden alone controls the entity, because it holds the majority of the votes","es":""},"correct":false,"feedback":{"fr":"","en":"Nolden does not reach the required 60% alone; its simple majority is not enough.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000019","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS","IFRS11.CONTROL.PARTIES_WITHOUT_JOINT_CONTROL"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"TELECOM","tested_point":"VOTE_ERRORS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"pitfalls"},"references":["IFRS 11 §8","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about decision rules and parties.","es":""},"explanation":{"fr":"","en":"Two statements are correct; two confuse the size of a party with the fact that its agreement is needed (IFRS 11).","es":""},"common_error":{"fr":"","en":"Associating control with the size of the shareholding.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"The fact that a textbook example uses a specific vote split does not create a threshold in the standard.","es":""},"erroneous":false},{"id":"s2","text":{"fr":"","en":"A party whose votes are never needed can still be a joint venturer.","es":""},"erroneous":true,"correction":{"fr":"","en":"Without needed votes, the party does not have joint control; it is a party without joint control (IFRS 11, Appendix A).","es":""}},{"id":"s3","text":{"fr":"","en":"When a single combination of parties reaches the required majority, each of those parties is needed in it.","es":""},"erroneous":false},{"id":"s4","text":{"fr":"","en":"The larger party of a winning pair has control alone, the smaller one being only a shareholder.","es":""},"erroneous":true,"correction":{"fr":"","en":"If the pair is the only winning combination, each is needed and control is shared (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000020","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS","IFRS11.CONTROL.PARTIES_WITHOUT_JOINT_CONTROL"],"dimension":"APPLICATION","format":"MINI_CASE","context":"REAL_ESTATE","tested_point":"VOTE_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"numeric-vote"},"references":["IFRS 11 §8","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"A joint entity with three investors: combinations and each party's position.","es":""},"explanation":{"fr":"","en":"A single pair reaches 85%; Rovel and Sidan have joint control, Tarel takes part without it (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Counting in joint control any party that holds votes.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Rovel holds 46% of the votes of Quartier SA, Sidan 44% and Tarel 10% (case facts). Decisions about the relevant activities require 85% of the votes.","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate the total votes of each pair.","es":""},"explanation":{"fr":"","en":"46 + 44 = 90%; 46 + 10 = 56%; 44 + 10 = 54%: only the pair Rovel + Sidan reaches 85%.","es":""},"common_error":{"fr":"","en":"Adding all three parties or missing a pair: each combination must be tested against the 85% threshold.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Rovel","es":""},"value":"46","unit":"PERCENT"},{"label":{"fr":"","en":"Sidan","es":""},"value":"44","unit":"PERCENT"},{"label":{"fr":"","en":"Tarel","es":""},"value":"10","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Rovel + Sidan","es":""},"answer":90,"tolerance":0,"unit":"PERCENT"},{"id":"s2","label":{"fr":"","en":"Rovel + Tarel","es":""},"answer":56,"tolerance":0,"unit":"PERCENT"},{"id":"s3","label":{"fr":"","en":"Sidan + Tarel","es":""},"answer":54,"tolerance":0,"unit":"PERCENT"}],"id":"p1","dimension":"CALCULATION"},{"prompt":{"fr":"","en":"Which parties have joint control (practice example)?","es":""},"explanation":{"fr":"","en":"The only combination that reaches 85% is Rovel + Sidan: each is needed.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Rovel and Sidan, whose agreement is needed for any relevant decision","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Rovel alone, because it holds the most votes and outweighs each of the other two parties","es":""},"correct":false,"feedback":{"fr":"","en":"Rovel does not reach 85% alone; Sidan's agreement is needed (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"All three parties, since all are bound by the arrangement","es":""},"correct":false,"feedback":{"fr":"","en":"Tarel is never needed to reach 85% (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"Sidan and Tarel, because they are the two smallest parties","es":""},"correct":false,"feedback":{"fr":"","en":"This pair reaches only 54%, below the 85% required (IFRS 11).","es":""}}],"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"Tarel is a party without joint control, and not a joint operator or a joint venturer.","es":""},"explanation":{"fr":"","en":"Only the parties with joint control bear these terms; Tarel is never needed (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Calling Tarel a joint operator or joint venturer: a party whose consent is never required does not have joint control.","es":""},"format":"TRUE_FALSE","answer":true,"id":"p3","dimension":"RECOGNITION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000021","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.PARTIES_WITHOUT_JOINT_CONTROL"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"PWJ_TERM_TF","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IFRS11.000003","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"rule-parties"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"A party whose agreement is not needed for a joint arrangement's relevant decisions can be a joint operator or a joint venturer.","es":""},"explanation":{"fr":"","en":"These terms designate the parties with joint control; the others are without joint control (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Extending the terms to all parties.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000022","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"NSV_RULE_TF","difficulty":"BEGINNER","estimated_time_s":40,"lesson_id":"LS.IFRS11.000004","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-no-vehicle"},"references":["IFRS 11 §B16"],"exercise":{"prompt":{"fr":"","en":"Two parties run a warehouse under a simple contract, each carrying its share of the assets and debts directly (case facts): the absence of a separate structure is enough to see a joint operation, with no analysis of legal form.","es":""},"explanation":{"fr":"","en":"This is the rule set for joint arrangements without a separate vehicle (IFRS 11).","es":""},"common_error":{"fr":"","en":"Analysing legal form when there is no separate vehicle: that case leads directly to a joint operation.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000023","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.TYPE_BY_RIGHTS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"UTILITIES","tested_point":"TYPE_DRIVER_SC","difficulty":"BEGINNER","estimated_time_s":70,"lesson_id":"LS.IFRS11.000004","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"understand"},"references":["IFRS 11","IFRS 11 §14"],"exercise":{"prompt":{"fr":"","en":"Two water producers sign a \"joint venture agreement\": each operates its own wells and networks, with no joint company. How should this arrangement be classified?","es":""},"explanation":{"fr":"","en":"Classification follows rights and obligations and the absence of a separate vehicle, not the title (IFRS 11, para. 14).","es":""},"common_error":{"fr":"","en":"Relying on the title of the contract.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a joint venture, because the agreement is titled \"joint venture agreement\"","es":""},"correct":false,"feedback":{"fr":"","en":"The title does not determine the type (IFRS 11, para. 14).","es":""}},{"id":"B","text":{"fr":"","en":"As a joint operation: no vehicle, each keeps its assets","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"As a joint venture, because the two producers cooperate in the same market","es":""},"correct":false,"feedback":{"fr":"","en":"Cooperating in a market does not create rights to net assets (IFRS 11, para. 14).","es":""}},{"id":"D","text":{"fr":"","en":"It cannot be classified, for lack of an incorporated company","es":""},"correct":false,"feedback":{"fr":"","en":"A joint arrangement exists without a company; lacking a separate vehicle, it is a joint operation (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000024","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"TRANSPORT","tested_point":"VEHICLE_CLASSIFY","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IFRS11.000004","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-no-vehicle"},"references":["IFRS 11 §B16"],"exercise":{"prompt":{"fr":"","en":"Classify each situation (case facts) according to whether a separate vehicle exists.","es":""},"explanation":{"fr":"","en":"An entity, a trust or a structure that holds the assets and contracts in its own name is a separate vehicle; a cooperation in which each keeps its assets and contracts is not (IFRS 11).","es":""},"common_error":{"fr":"","en":"Seeing a separate vehicle in any co-ownership or exchange of letters.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Separate vehicle","es":""}},{"id":"c2","text":{"fr":"","en":"No separate vehicle","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Two carriers set up a company that owns the trucks and takes out the loans in its own name.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Two carriers share routes by contract; each keeps its trucks and pays its drivers.","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"Three carriers establish a trust that owns the warehouse and signs the leases.","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"Two carriers buy a truck in joint ownership and share it according to a timetable, with no joint entity.","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"Two carriers found a general partnership with its own accounts and its own bank account.","es":""},"category":"c1"},{"id":"i6","text":{"fr":"","en":"Two carriers manage a delivery project through a simple exchange of letters and each invoices its own customers.","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000025","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.TYPE_BY_RIGHTS"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"MINING","tested_point":"TYPE_RIGHTS_FILL","difficulty":"BEGINNER","estimated_time_s":80,"lesson_id":"LS.IFRS11.000004","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-type"},"references":["IFRS 11","IFRS 11 §14"],"exercise":{"prompt":{"fr":"","en":"Complete the definitions of the two types of joint arrangements.","es":""},"explanation":{"fr":"","en":"Rights to assets and obligations for liabilities characterise the joint operation; rights to net assets, the joint venture (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Reversing the rights of the two types.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"In a joint operation, the parties have rights to the {{b1}} and {{b2}} for the liabilities; in a joint venture, they have rights to the {{b3}}.","es":""},"blanks":[{"id":"b1","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"assets","es":""}},{"id":"c2","text":{"fr":"","en":"future revenue","es":""}},{"id":"c3","text":{"fr":"","en":"equity shares","es":""}}],"answer":"c1"},{"id":"b2","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"receivables","es":""}},{"id":"c2","text":{"fr":"","en":"obligations","es":""}},{"id":"c3","text":{"fr":"","en":"options","es":""}}],"answer":"c2"},{"id":"b3","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"net assets","es":""}},{"id":"c2","text":{"fr":"","en":"turnover","es":""}},{"id":"c3","text":{"fr":"","en":"cash alone","es":""}}],"answer":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000026","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.TYPE_BY_RIGHTS","IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"ENERGY","tested_point":"TYPE_CONSEQUENCES_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000004","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-type"},"references":["IFRS 11","IFRS 11 §14","IFRS 11 §B16","IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the consequences of classification.","es":""},"explanation":{"fr":"","en":"Two statements are correct; two mix up the method for a joint venture or the criterion for classification (IFRS 11, para. 14 and 24).","es":""},"common_error":{"fr":"","en":"Applying the line-by-line method to a joint venture.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"A party with joint control of a joint venture accounts for its interest line by line, asset by asset.","es":""},"erroneous":true,"correction":{"fr":"","en":"It recognises an investment, equity-accounted under IAS 28 (IFRS 11, para. 24).","es":""}},{"id":"s2","text":{"fr":"","en":"A party with joint control of a joint operation recognises its assets, liabilities, revenue and expenses.","es":""},"erroneous":false},{"id":"s3","text":{"fr":"","en":"A change in the type of a joint arrangement changes the accounting method of the parties.","es":""},"erroneous":false},{"id":"s4","text":{"fr":"","en":"Classification as a joint operation depends on the name the parties give to the arrangement.","es":""},"erroneous":true,"correction":{"fr":"","en":"Classification depends on the parties' rights and obligations (IFRS 11, para. 14).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000027","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"RECOGNITION","format":"MULTIPLE_CHOICE","context":"TECH","tested_point":"VEHICLE_FACTS_MC","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000004","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"judgment"},"references":["IFRS 11 §B16"],"exercise":{"prompt":{"fr":"","en":"Among these facts, which indicate the existence of a separate vehicle?","es":""},"explanation":{"fr":"","en":"A company or fund that holds the assets and contracts in its own name is a separate vehicle; coordination between parties that keep their assets is not (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Taking mere coordination for a separate structure.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The parties created a company that owns the servers and signs the contracts in its own name","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"A separate trust fund holds the licences and takes on the project's debts","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Each party keeps its servers and invoices its own customers","es":""},"correct":false,"feedback":{"fr":"","en":"Assets and contracts kept by each party do not form a separate structure.","es":""}},{"id":"D","text":{"fr":"","en":"The two parties meet once a month on the premises of one of them","es":""},"correct":false,"feedback":{"fr":"","en":"A meeting place is not a separate structure carrying the project's assets and liabilities.","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000028","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.LEGAL_FORM"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"LF_FORM_ALONE_TF","difficulty":"BEGINNER","estimated_time_s":40,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-legal-form"},"references":["IFRS 11 §B22"],"exercise":{"prompt":{"fr":"","en":"To classify a joint arrangement structured through a separate vehicle, the vehicle's legal form is an element of analysis, but it does not always suffice to conclude.","es":""},"explanation":{"fr":"","en":"Legal form is the first element; the terms and other facts may change it (IFRS 11).","es":""},"common_error":{"fr":"","en":"Concluding on legal form alone: contractual terms and other facts may lead to a different classification.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000029","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE","IFRS11.CLASSIFICATION.LEGAL_FORM","IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"RULE_KNOWLEDGE","format":"MATCHING","context":"REAL_ESTATE","tested_point":"THREE_QUESTIONS_MATCH","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-legal-form"},"references":["IFRS 11 §B15","IFRS 11 §17","IFRS 11 §B22","IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"Match each element of analysis with the question it allows to ask.","es":""},"explanation":{"fr":"","en":"Each element of analysis answers its own question; listing is not one of them (IFRS 11).","es":""},"common_error":{"fr":"","en":"Confusing the legal-form and contractual-terms questions: one is about legal separation, the other about contractual allocation.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"Legal form","es":""}},{"id":"l2","text":{"fr":"","en":"Terms of the contractual arrangement","es":""}},{"id":"l3","text":{"fr":"","en":"Other facts and circumstances","es":""}}],"right":[{"id":"r1","text":{"fr":"","en":"Does the vehicle legally separate its assets and liabilities from those of the parties?","es":""}},{"id":"r4","text":{"fr":"","en":"Is the vehicle listed on a regulated market?","es":""}},{"id":"r2","text":{"fr":"","en":"Does the arrangement allocate the project's assets and liabilities to the parties?","es":""}},{"id":"r3","text":{"fr":"","en":"Do other facts give the parties rights to assets and obligations for liabilities?","es":""}}],"pairs":[{"left":"l1","right":"r1"},{"left":"l2","right":"r2"},{"left":"l3","right":"r3"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000030","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"AEROSPACE","tested_point":"SV_FACTORS_SC","difficulty":"BEGINNER","estimated_time_s":70,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"understand"},"references":["IFRS 11 §B15","IFRS 11 §17"],"exercise":{"prompt":{"fr":"","en":"When a separate vehicle exists, what is done with its elements of analysis?","es":""},"explanation":{"fr":"","en":"Legal form, terms of the arrangement and other facts and circumstances are read together (IFRS 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The first conclusive element is kept and the following ones are ignored, legal form coming first","es":""},"correct":false,"feedback":{"fr":"","en":"The elements are read together; legal form is not sufficient on its own (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"They are read together: the form gives an indication the terms confirm or change","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"They are added up, counting one point for each favourable element","es":""},"correct":false,"feedback":{"fr":"","en":"The standard has no points scale; it is a judgement on rights and obligations (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"They are replaced by each party's share of capital","es":""},"correct":false,"feedback":{"fr":"","en":"The share of capital is not the framework of analysis for classification (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000031","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.LEGAL_FORM","IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"CONSTRUCTION","tested_point":"TERMS_OVERRIDE_SC","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-terms"},"references":["IFRS 11 §B22","IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"Gamelor SA and Norvelt SA set up a public limited company to build a bridge. The arrangement provides that each party owns half of the works and answers for half of the debts. How should the arrangement be classified?","es":""},"explanation":{"fr":"","en":"Terms that allocate assets and debts to the parties change the conclusion of legal form (IFRS 11).","es":""},"common_error":{"fr":"","en":"Letting the company form decide alone.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a joint venture, because a public limited company is an entity separate from the parties","es":""},"correct":false,"feedback":{"fr":"","en":"Legal form is changed by the terms that allocate assets and debts to the parties (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"As a joint venture, because each party holds half of the company's capital","es":""},"correct":false,"feedback":{"fr":"","en":"The split of capital does not decide the type; rights and obligations do (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"Classification is impossible until the bridge is completed and in operation","es":""},"correct":false,"feedback":{"fr":"","en":"Classification is assessed from the outset on the rights and obligations arising from the arrangement (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"Joint operation: rights to assets and obligations","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000032","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE","IFRS11.CLASSIFICATION.LEGAL_FORM","IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"PHARMA","tested_point":"FACTS_DIRECTION_CLASSIFY","difficulty":"INTERMEDIATE","estimated_time_s":110,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-terms"},"references":["IFRS 11 §B15","IFRS 11 §17","IFRS 11 §B22","IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"Classify each fact (case facts) by the reading it points to for an arrangement housed in a company.","es":""},"explanation":{"fr":"","en":"Clauses on ownership of assets and responsibility for debts steer the reading; the registration date or trade name do not (IFRS 11).","es":""},"common_error":{"fr":"","en":"Giving weight to items unrelated to rights and obligations.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Points to rights to net assets","es":""}},{"id":"c2","text":{"fr":"","en":"Points to rights to assets and obligations","es":""}},{"id":"c3","text":{"fr":"","en":"Points neither way","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"The company holds the assets in its own name and alone answers for its debts, under the arrangement.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"The arrangement provides that the parties share the company's assets in proportion to their share.","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"The parties answer for the company's debts in proportion to their share, under the arrangement.","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"The arrangement gives the parties a share of net profit, with no responsibility for the debts.","es":""},"category":"c1"},{"id":"i5","text":{"fr":"","en":"The company was registered five years ago in another region.","es":""},"category":"c3"},{"id":"i6","text":{"fr":"","en":"The company's trade name contains the word \"Partners\".","es":""},"category":"c3"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000033","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE"],"dimension":"ANALYSIS","format":"ORDERING","context":"FINANCE","tested_point":"VEHICLE_STEPS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-terms"},"references":["IFRS 11 §B15","IFRS 11 §17"],"exercise":{"prompt":{"fr":"","en":"Put in order the approach to analysing a joint arrangement proposed by this course (pedagogical organisation).","es":""},"explanation":{"fr":"","en":"The existence of a vehicle opens the analysis, form and terms feed it, other facts complete it; the order is a pedagogical organisation (IFRS 11).","es":""},"common_error":{"fr":"","en":"Examining the terms before checking that a vehicle exists.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"Check that a separate vehicle exists","es":""}},{"id":"s2","text":{"fr":"","en":"Examine the legal form of the vehicle","es":""}},{"id":"s3","text":{"fr":"","en":"Read the terms of the contractual arrangement on assets and liabilities","es":""}},{"id":"s4","text":{"fr":"","en":"Consider other facts and circumstances if the first two leave doubt","es":""}},{"id":"s5","text":{"fr":"","en":"Conclude and document the classification","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000034","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE","IFRS11.CLASSIFICATION.LEGAL_FORM","IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"APPLICATION","format":"MINI_CASE","context":"TECH","tested_point":"VEHICLE_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":180,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"example"},"references":["IFRS 11 §B15","IFRS 11 §17","IFRS 11 §B22","IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"Vaneth SAS: classification of an arrangement housed in a company.","es":""},"explanation":{"fr":"","en":"Legal form and terms converge: joint venture (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Concluding on a joint operation without a clause creating rights to assets.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Gareen SA and Hobel SA set up Vaneth SAS to develop software. Vaneth is a separate company. The arrangement (case facts) specifies that the parties have rights only to Vaneth's net assets and that Vaneth alone answers for its debts. No other particular fact is noted.","es":""},"parts":[{"prompt":{"fr":"","en":"A separate vehicle exists, so the framework of legal form, terms and other facts applies.","es":""},"explanation":{"fr":"","en":"Vaneth is a separate company: the separate vehicle analysis applies (IFRS 11).","es":""},"common_error":{"fr":"","en":"Concluding on a joint operation without analysis: a separate vehicle requires examining form, terms and other facts.","es":""},"format":"TRUE_FALSE","answer":true,"id":"p1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"What do the legal form and the terms of the arrangement show?","es":""},"explanation":{"fr":"","en":"Legal form and terms converge on rights to net assets.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"They diverge: the company suggests net assets, the terms give rights to assets","es":""},"correct":false,"feedback":{"fr":"","en":"The case terms confirm rights to net assets, they do not change them (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"They show nothing, because the case does not give the shares of capital","es":""},"correct":false,"feedback":{"fr":"","en":"Shares of capital are not needed to read legal form and terms (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"They show an obligation of each party for Vaneth's debts","es":""},"correct":false,"feedback":{"fr":"","en":"Vaneth alone answers for its debts under the arrangement (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"They converge: the parties have rights to Vaneth's net assets","es":""},"correct":true}],"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"What is the type of the joint arrangement?","es":""},"explanation":{"fr":"","en":"Rights to net assets characterise the joint venture (IFRS 11, Appendix A).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A joint venture","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"A joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"The parties have neither rights to assets nor obligations for liabilities (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"A financial investment","es":""},"correct":false,"feedback":{"fr":"","en":"Joint control establishes a joint arrangement, not a mere investment (IFRS 11, Appendix A).","es":""}},{"id":"D","text":{"fr":"","en":"A joint subsidiary of the two parties","es":""},"correct":false,"feedback":{"fr":"","en":"Control is shared; there is no subsidiary of a single party (IFRS 11, Appendix A).","es":""}}],"id":"p3","dimension":"APPLICATION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000035","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"CT_OVERRIDE_TF","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IFRS11.000005","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-terms"},"references":["IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"When the terms of the arrangement allocate the vehicle's assets and debts to the parties, the legal form of a company prevails over those terms.","es":""},"explanation":{"fr":"","en":"The terms of the arrangement may change the conclusion the legal form suggests (IFRS 11).","es":""},"common_error":{"fr":"","en":"Letting legal form prevail over the contract.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000036","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.OTHER_FACTS"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"MANUFACTURING","tested_point":"OF_FACTS_TF","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"rule-other-facts"},"references":["IFRS 11 §B30"],"exercise":{"prompt":{"fr":"","en":"When a separate vehicle depends on its parties' payments to settle its debts, this fact may indicate that the parties bear the obligations for the liabilities.","es":""},"explanation":{"fr":"","en":"Dependence on the parties' cash flows is one of the facts that may indicate a joint operation (IFRS 11).","es":""},"common_error":{"fr":"","en":"Ignoring the vehicle's reliance on payments from the parties: it can show the parties bear the liabilities.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000037","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.OTHER_FACTS"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"FOOD","tested_point":"OF_CASE_SC","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"example"},"references":["IFRS 11 §B30"],"exercise":{"prompt":{"fr":"","en":"Brasil Cacao SAS, a separate company, sells all its output to Lundar SA and Moravel SA at a price covering its costs. It can pay its loans only with their settlements. The arrangement says nothing else about the assets. What can be concluded (case judgement)?","es":""},"explanation":{"fr":"","en":"The parties buy all the output and fund the debts through their payments: these facts create in practice rights to assets and obligations (IFRS 11, para. B30).","es":""},"common_error":{"fr":"","en":"Not going beyond the legal form.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A joint venture, because a separate company by its nature carries rights to the net assets","es":""},"correct":false,"feedback":{"fr":"","en":"Legal form is not enough; other facts may change it (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"A joint operation: the other facts give the parties the benefits of the assets and the obligations","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A joint venture, because the arrangement grants no explicit right to the assets and a separate company exists","es":""},"correct":false,"feedback":{"fr":"","en":"The absence of an explicit clause does not rule out rights arising from other facts (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"No conclusion is possible, because other facts do not enter into the classification of a separate company","es":""},"correct":false,"feedback":{"fr":"","en":"Other facts and circumstances are part of the framework of analysis (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000038","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.OTHER_FACTS"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"UTILITIES","tested_point":"OF_FACT_SORT","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"rule-other-facts"},"references":["IFRS 11 §B30"],"exercise":{"prompt":{"fr":"","en":"Classify each fact (case facts) by its possible direction for a separate vehicle.","es":""},"explanation":{"fr":"","en":"Output handed to the parties and dependence on their flows may indicate a joint operation; a self-sufficient vehicle selling to the market gives no such indication (IFRS 11).","es":""},"common_error":{"fr":"","en":"Retaining facts unrelated to output or funding.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"May indicate a joint operation","es":""}},{"id":"c2","text":{"fr":"","en":"Does not indicate a joint operation","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"The vehicle hands all its electricity to the two parties, who pay for it at cost.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"The vehicle sells its electricity to outside customers at market price and repays its loans alone.","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"Without the parties' payments, the vehicle could not settle its suppliers when due.","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"The vehicle was founded by two parties with very different corporate cultures.","es":""},"category":"c2"},{"id":"i5","text":{"fr":"","en":"The vehicle has enough cash to repay its loans without help from the parties.","es":""},"category":"c2"},{"id":"i6","text":{"fr":"","en":"The contract obliges the parties to buy the output and to cover the cost of the vehicle's debts.","es":""},"category":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000039","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.OTHER_FACTS"],"dimension":"DOCUMENTATION","format":"ORDERING","context":"REAL_ESTATE","tested_point":"OF_JUSTIFY_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"example"},"references":["IFRS 11 §B30"],"exercise":{"prompt":{"fr":"","en":"Put in order the steps of justifying a classification as a joint operation based on other facts (pedagogical organisation).","es":""},"explanation":{"fr":"","en":"One starts from the initial indication, notes the facts, checks that they create rights and obligations, then concludes by citing the decisive fact (IFRS 11).","es":""},"common_error":{"fr":"","en":"Concluding before checking that the facts create rights.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"Note that legal form and terms point to net assets","es":""}},{"id":"s2","text":{"fr":"","en":"Note the relevant facts: output intended for the parties, dependence on their flows","es":""}},{"id":"s3","text":{"fr":"","en":"Check that they create rights to assets and obligations for liabilities","es":""}},{"id":"s4","text":{"fr":"","en":"Conclude on a joint operation by citing the element of the case that prevails","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000040","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.IFRIC_ENFORCEABILITY"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"IFRIC_BASIS_SC","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"rule-ifric"},"references":["IFRS 11","IFRS 11 §14","IFRS 11 §B30"],"exercise":{"prompt":{"fr":"","en":"According to the Interpretations Committee's 2015 decision (context), what should the assessment of other facts and circumstances be based on?","es":""},"explanation":{"fr":"","en":"The Committee noted that the assessment relates to enforceable rights and legal or constructive obligations, not to design, needs or past practices (2015 decision, IFRS 11, para. 14 and B30).","es":""},"common_error":{"fr":"","en":"Basing the assessment on the design of the arrangement or past practices.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"On the design of the arrangement and the economic objective the parties pursue through the vehicle","es":""},"correct":false,"feedback":{"fr":"","en":"The Committee set aside the design or purpose of the arrangement (2015 decision).","es":""}},{"id":"B","text":{"fr":"","en":"On the needs of the entity holding the vehicle and its funding position","es":""},"correct":false,"feedback":{"fr":"","en":"The entity's needs do not by themselves create rights or obligations (2015 decision).","es":""}},{"id":"C","text":{"fr":"","en":"On enforceable rights to assets and legal or constructive obligations for liabilities","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"On the parties' past practices regarding the vehicle","es":""},"correct":false,"feedback":{"fr":"","en":"Past practices are not enough to establish obligations (2015 decision).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000041","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.IFRIC_ENFORCEABILITY","IFRS11.CLASSIFICATION.SIMILAR_ARRANGEMENTS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"TRANSPORT","tested_point":"IFRIC_SIMILAR_SPOT","difficulty":"ADVANCED","estimated_time_s":120,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"rule-similar"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about the Committee's 2015 decisions and similar arrangements.","es":""},"explanation":{"fr":"","en":"Two statements are correct; two ignore the effect of the separate vehicle or base rights on the purpose of the arrangement (IFRS 11).","es":""},"common_error":{"fr":"","en":"Thinking that economic similarity imposes an identical classification.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"Two economically similar joint arrangements necessarily have the same classification.","es":""},"erroneous":true,"correction":{"fr":"","en":"The existence or not of a separate vehicle changes the starting point and may lead to different classifications (IFRS 11).","es":""}},{"id":"s2","text":{"fr":"","en":"The Committee's decisions shed light on the reading of the standard without changing its text.","es":""},"erroneous":false},{"id":"s3","text":{"fr":"","en":"To assess other facts and circumstances, the economic purpose of the arrangement is enough to create rights to the assets.","es":""},"erroneous":true,"correction":{"fr":"","en":"The purpose of the arrangement is not retained; enforceable rights and legal or constructive obligations count (2015 decision).","es":""}},{"id":"s4","text":{"fr":"","en":"A joint arrangement without a separate vehicle is a joint operation, without analysis of legal form.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000042","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.IFRIC_ENFORCEABILITY","IFRS11.CLASSIFICATION.SIMILAR_ARRANGEMENTS","IFRS11.CLASSIFICATION.OTHER_FACTS"],"dimension":"PROFESSIONAL_JUDGMENT","format":"MINI_CASE","context":"MINING","tested_point":"IFRIC_MINI_CASE","difficulty":"EXPERT","estimated_time_s":240,"lesson_id":"LS.IFRS11.000006","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000006","section_id":"judgment"},"references":["IFRS 11","IFRS 11 §B30"],"exercise":{"prompt":{"fr":"","en":"Two similar ore-processing arrangements: justifying two classifications.","es":""},"explanation":{"fr":"","en":"X is a joint operation without analysis; Y may be one if the contract creates enforceable rights and obligations; their starting points differ (IFRS 11).","es":""},"common_error":{"fr":"","en":"Basing the classification of Y on economic purpose or past practices.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Soren SA and Taval SA jointly operate an ore-processing plant. In arrangement X, they act under a simple contract, each keeping its share of the equipment and of its debts. In arrangement Y, they housed the same activity in a separate company, Minéra SAS, whose form and terms point to net assets. In Y, a contract obliges Soren and Taval to buy all the output and to fund Minéra's debts (case facts).","es":""},"parts":[{"prompt":{"fr":"","en":"How should arrangement X be classified?","es":""},"explanation":{"fr":"","en":"Without a separate vehicle, the joint arrangement is a joint operation (IFRS 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a joint venture, because the two companies share control of the plant","es":""},"correct":false,"feedback":{"fr":"","en":"Shared control establishes the joint arrangement, not its type (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"Legal form must first be analysed, and it will decide the classification","es":""},"correct":false,"feedback":{"fr":"","en":"Without a separate vehicle, the conclusion is immediate (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"As a joint operation, because no separate vehicle exists","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"It cannot be classified until the debts are allocated","es":""},"correct":false,"feedback":{"fr":"","en":"The absence of a vehicle is enough to classify (IFRS 11).","es":""}}],"id":"p1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"Which reading of arrangement Y respects the Committee's 2015 decision (context)?","es":""},"explanation":{"fr":"","en":"Only a contract that creates enforceable rights and legal or constructive obligations supports a joint operation despite the company.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A joint venture, because the purpose of the arrangement is to create an autonomous company","es":""},"correct":false,"feedback":{"fr":"","en":"The purpose of the arrangement is not retained by the Committee (2015 decision).","es":""}},{"id":"B","text":{"fr":"","en":"A joint operation, because the parties have supported their holdings financially in the past","es":""},"correct":false,"feedback":{"fr":"","en":"A past practice is not enough to create an obligation (2015 decision).","es":""}},{"id":"C","text":{"fr":"","en":"A joint venture, because Minéra has structural funding needs","es":""},"correct":false,"feedback":{"fr":"","en":"The entity's needs do not by themselves create rights or obligations (2015 decision).","es":""}},{"id":"D","text":{"fr":"","en":"A joint operation, if the purchase and funding contract creates enforceable rights","es":""},"correct":true}],"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"Why can X and Y, economically similar, be classified differently?","es":""},"explanation":{"fr":"","en":"The presence of a separate vehicle opens an analysis that the absence of a vehicle avoids (IFRS 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Because the existence of a separate vehicle in Y changes the starting point of classification","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Because Y is more recent than X in the group's accounts and the two arrangements were concluded on different dates","es":""},"correct":false,"feedback":{"fr":"","en":"Seniority is not part of classification (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"Because the standard requires classifying a company as a joint venture","es":""},"correct":false,"feedback":{"fr":"","en":"The standard imposes no automatic classification by form (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"Because Soren and Taval signed two separate contracts","es":""},"correct":false,"feedback":{"fr":"","en":"The number of contracts does not explain the difference in classification (IFRS 11).","es":""}}],"id":"p3","dimension":"PROFESSIONAL_JUDGMENT"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000043","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION"],"dimension":"RECOGNITION","format":"CLASSIFICATION","context":"ENERGY","tested_point":"JO_FIVE_ITEMS_CLASSIFY","difficulty":"BEGINNER","estimated_time_s":90,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-recognition"},"references":["IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Classify each item according to whether or not a joint operator recognises it in respect of its joint operation.","es":""},"explanation":{"fr":"","en":"The joint operator recognises its assets, liabilities, revenue and expenses (including its shares); it does not record an investment line (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Treating the joint operation as an investment.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Recognised line by line","es":""}},{"id":"c2","text":{"fr":"","en":"Not recognised in this way","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"Its share of a pipeline held jointly with the other operator.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"Its share of a debt incurred jointly to finance the pipeline.","es":""},"category":"c1"},{"id":"i3","text":{"fr":"","en":"A single investment line equal to its percentage of the operation's net assets.","es":""},"category":"c2"},{"id":"i4","text":{"fr":"","en":"Revenue from selling its own share of the gas transported.","es":""},"category":"c1"},{"id":"i5","text":{"fr":"","en":"Its share of maintenance expenses incurred jointly.","es":""},"category":"c1"},{"id":"i6","text":{"fr":"","en":"A holding at cost in a vehicle that does not exist.","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000045","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION"],"dimension":"CALCULATION","format":"CALCULATION","context":"MINING","tested_point":"JO_SHARES_CALC","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"numeric-share"},"references":["IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Havrel SA is entitled to 35% of the assets, liabilities and common expenses of a joint operation and to 40% of the output. Equipment of the operation: €2,640,000; loan: €780,000; expenses incurred jointly: €560,000; sales of the operation to third parties: €1,150,000. Calculate Havrel's four shares.","es":""},"explanation":{"fr":"","en":"35% × €2,640,000 = €924,000; 35% × €780,000 = €273,000; 35% × €560,000 = €196,000; 40% × €1,150,000 = €460,000 (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Applying 35% to sales instead of 40%.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Equipment","es":""},"value":"2640000","unit":"EUR"},{"label":{"fr":"","en":"Loan","es":""},"value":"780000","unit":"EUR"},{"label":{"fr":"","en":"Common expenses","es":""},"value":"560000","unit":"EUR"},{"label":{"fr":"","en":"Sales to third parties","es":""},"value":"1150000","unit":"EUR"},{"label":{"fr":"","en":"Share of assets, liabilities and expenses","es":""},"value":"35","unit":"PERCENT"},{"label":{"fr":"","en":"Share of output","es":""},"value":"40","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Share of the equipment","es":""},"answer":924000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Share of the loan","es":""},"answer":273000,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Share of expenses","es":""},"answer":196000,"tolerance":0,"unit":"EUR"},{"id":"s4","label":{"fr":"","en":"Share of sales","es":""},"answer":460000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Share of the equipment","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Share of assets, liabilities and expenses","es":""},"value":35,"unit":"PERCENT"},{"symbol":"b","meaning":{"fr":"","en":"Equipment","es":""},"value":2640000,"unit":"EUR"}],"result":924000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Share of the loan","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Share of assets, liabilities and expenses","es":""},"value":35,"unit":"PERCENT"},{"symbol":"b","meaning":{"fr":"","en":"Loan","es":""},"value":780000,"unit":"EUR"}],"result":273000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Share of expenses","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Share of assets, liabilities and expenses","es":""},"value":35,"unit":"PERCENT"},{"symbol":"b","meaning":{"fr":"","en":"Common expenses","es":""},"value":560000,"unit":"EUR"}],"result":196000,"unit":"EUR"},{"step":"s4","meaning":{"fr":"","en":"Share of sales","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Share of output","es":""},"value":40,"unit":"PERCENT"},{"symbol":"b","meaning":{"fr":"","en":"Sales to third parties","es":""},"value":1150000,"unit":"EUR"}],"result":460000,"unit":"EUR"}],"references":["REF.IFRS11.20"]}},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000046","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"CONSTRUCTION","tested_point":"JO_ENTRY_ASSET_LOAN","difficulty":"INTERMEDIATE","estimated_time_s":120,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"entry-share"},"references":["IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Dorvelt SA holds 20% of a joint operation that acquires equipment of €1,350,000, funded by a loan of €650,000 and by cash. Post the entry for Dorvelt's share: the loan is borne at 20% and the balance of its share of the equipment is paid in cash (case conventions).","es":""},"explanation":{"fr":"","en":"20% × €1,350,000 = €270,000 of equipment; 20% × €650,000 = €130,000 of loan; cash: €270,000 − €130,000 = €140,000 (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Debiting an investment account instead of the equipment.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"eq","text":{"fr":"","en":"Property, plant and equipment: share of the equipment","es":""}},{"id":"loan","text":{"fr":"","en":"Loan (share)","es":""}},{"id":"cash","text":{"fr":"","en":"Cash","es":""}},{"id":"inv","text":{"fr":"","en":"Investment in the joint operation","es":""}}],"lines":[{"id":"l1","account":"eq","side":"DEBIT","amount":270000,"given":["account","side"]},{"id":"l2","account":"loan","side":"CREDIT","amount":130000,"given":["account","side"]},{"id":"l3","account":"cash","side":"CREDIT","amount":140000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000047","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.APPLICABLE_IFRS"],"dimension":"APPLICATION","format":"MATCHING","context":"ENERGY","tested_point":"JO_STANDARD_MATCH","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-ifrs"},"references":["IFRS 11 §21"],"exercise":{"prompt":{"fr":"","en":"Match each item of a joint operation with the IFRS that applies to its treatment (examples).","es":""},"explanation":{"fr":"","en":"Each item comes under its own standard; IFRS 11 refers to these standards without itself measuring the items (IFRS 11, para. 21).","es":""},"common_error":{"fr":"","en":"Measuring the items under IFRS 11.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"Equipment held jointly","es":""}},{"id":"l2","text":{"fr":"","en":"Revenue from selling the output to customers","es":""}},{"id":"l3","text":{"fr":"","en":"Lease entered into for the operation","es":""}},{"id":"l4","text":{"fr":"","en":"Provision for site restoration","es":""}}],"right":[{"id":"r2","text":{"fr":"","en":"IFRS 15","es":""}},{"id":"r3","text":{"fr":"","en":"IFRS 16","es":""}},{"id":"r4","text":{"fr":"","en":"IAS 37","es":""}},{"id":"r5","text":{"fr":"","en":"IFRS 11 (measurement of the items)","es":""}},{"id":"r1","text":{"fr":"","en":"IAS 16","es":""}}],"pairs":[{"left":"l1","right":"r1"},{"left":"l2","right":"r2"},{"left":"l3","right":"r3"},{"left":"l4","right":"r4"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000048","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"AGRICULTURE","tested_point":"JO_PARTY_NO_JC_SC","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-party-no-jc"},"references":["IFRS 11 §23"],"exercise":{"prompt":{"fr":"","en":"Iselin SA takes part in a joint operation without joint control. The arrangement gives it rights to assets and makes it liable for liabilities of the operation. What accounting?","es":""},"explanation":{"fr":"","en":"A party without joint control that has rights to assets and obligations for liabilities applies the joint operator rule (IFRS 11, para. 23).","es":""},"common_error":{"fr":"","en":"Linking the rule to joint control rather than to rights and obligations.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The equity method, since it does not have joint control","es":""},"correct":false,"feedback":{"fr":"","en":"Its rights to assets and obligations determine the rule, not joint control (IFRS 11, para. 23).","es":""}},{"id":"B","text":{"fr":"","en":"A financial instrument measured under IFRS 9, with no asset or liability lines","es":""},"correct":false,"feedback":{"fr":"","en":"With rights to assets and obligations, the operator's rule applies (IFRS 11, para. 23).","es":""}},{"id":"C","text":{"fr":"","en":"No accounting until joint control is obtained","es":""},"correct":false,"feedback":{"fr":"","en":"The party accounts as soon as it has rights to assets and obligations (IFRS 11, para. 23).","es":""}},{"id":"D","text":{"fr":"","en":"The same as a joint operator: its assets, liabilities, revenue and expenses","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000049","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION","IFRS11.JO.APPLICABLE_IFRS"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"AEROSPACE","tested_point":"JO_ERRORS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":110,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"pitfalls"},"references":["IFRS 11 §20","IFRS 11 §21"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about accounting for a joint operation.","es":""},"explanation":{"fr":"","en":"Two statements are correct; two mix up the share of each line or the measurement standard (IFRS 11, para. 20 and 21).","es":""},"common_error":{"fr":"","en":"Applying a single percentage and IFRS 11 to all lines.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"The percentage of holding in the operation applies to output and expenses, even if the arrangement allocates them differently.","es":""},"erroneous":true,"correction":{"fr":"","en":"Each item follows the share the arrangement allocates to it (IFRS 11, para. 20).","es":""}},{"id":"s2","text":{"fr":"","en":"The operator's revenue includes the sale of its share of output and its share of the operation's sales.","es":""},"erroneous":false},{"id":"s3","text":{"fr":"","en":"The measurement of jointly held equipment follows IFRS 11, which sets its measurement basis.","es":""},"erroneous":true,"correction":{"fr":"","en":"Measurement comes under the IFRSs applicable to the item, here IAS 16 (IFRS 11, para. 21).","es":""}},{"id":"s4","text":{"fr":"","en":"The joint operator does not record an investment line for its joint operation.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000050","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION","IFRS11.JO.APPLICABLE_IFRS"],"dimension":"APPLICATION","format":"MINI_CASE","context":"TRANSPORT","tested_point":"JO_MINI_CASE","difficulty":"INTERMEDIATE","estimated_time_s":210,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"numeric-share"},"references":["IFRS 11 §20","IFRS 11 §21"],"exercise":{"prompt":{"fr":"","en":"Kérian SA: revenue and applicable standard in a joint operation.","es":""},"explanation":{"fr":"","en":"Each line follows its own share; revenue follows IFRS 15 (IFRS 11, para. 20 and 21).","es":""},"common_error":{"fr":"","en":"Applying the percentage of assets to sales.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Kérian SA operates a freight terminal with a partner under a simple contract. The arrangement allocates to it 45% of the assets and common expenses, and 50% of the output (case facts). During the year, the terminal directly invoices €700,000 to third-party customers (output distinct from the output taken in kind by the parties); Kérian also sells its own share of the output to its customers for €560,000.","es":""},"parts":[{"prompt":{"fr":"","en":"Calculate Kérian's share of the terminal's sales and its total revenue.","es":""},"explanation":{"fr":"","en":"50% × €700,000 = €350,000; €350,000 + €560,000 = €910,000.","es":""},"common_error":{"fr":"","en":"Applying a percentage other than the output share, or forgetting to add Kérian's own sales.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Terminal sales to third parties","es":""},"value":"700000","unit":"EUR"},{"label":{"fr":"","en":"Share of output","es":""},"value":"50","unit":"PERCENT"},{"label":{"fr":"","en":"Kérian's own sales","es":""},"value":"560000","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Share of the terminal's sales","es":""},"answer":350000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Kérian's total revenue","es":""},"answer":910000,"tolerance":0,"unit":"EUR"}],"id":"p1","dimension":"CALCULATION","formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Share of the terminal's sales","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Share of output","es":""},"value":50,"unit":"PERCENT"},{"symbol":"b","meaning":{"fr":"","en":"Terminal sales to third parties","es":""},"value":700000,"unit":"EUR"}],"result":350000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Kérian's total revenue","es":""},"expression":"a + b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Share of the terminal's sales","es":""},"value":350000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Kérian's own sales","es":""},"value":560000,"unit":"EUR"}],"result":910000,"unit":"EUR"}],"references":["REF.IFRS11.20","REF.IFRS11.21"]}},{"prompt":{"fr":"","en":"Which IFRS governs the measurement of this revenue from sales to customers?","es":""},"explanation":{"fr":"","en":"Revenue from contracts with customers comes under IFRS 15 (IFRS 11, para. 21).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IFRS 11, which determines the measurement of the operation's revenue","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 11 refers to the IFRSs applicable to each item (IFRS 11, para. 21).","es":""}},{"id":"B","text":{"fr":"","en":"IFRS 15, applicable to revenue from contracts with customers","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"IAS 28, because the terminal is operated with a partner","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 28 concerns associates and joint ventures, not the joint operation (IFRS 11, para. 21).","es":""}},{"id":"D","text":{"fr":"","en":"IAS 16, which governs the terminal's property, plant and equipment","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 16 concerns fixed assets, not sales revenue (IFRS 11, para. 21).","es":""}}],"id":"p2","dimension":"APPLICATION"},{"prompt":{"fr":"","en":"Kérian applies 45% to the terminal's sales to third parties, since 45% is its percentage of assets.","es":""},"explanation":{"fr":"","en":"For these sales, the share is that of output, i.e. 50% (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Applying the asset percentage to revenue: each item follows the share set for it, here the output share.","es":""},"format":"TRUE_FALSE","answer":false,"id":"p3","dimension":"RECOGNITION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000051","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"RECOGNITION","format":"TRUE_FALSE","context":"GENERIC","tested_point":"JPW_CONTROL_TF","difficulty":"BEGINNER","estimated_time_s":50,"lesson_id":"LS.IFRS11.000007","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-party-no-jc"},"references":["IFRS 11 §23"],"exercise":{"prompt":{"fr":"","en":"A party to a joint operation that does not have joint control recognises nothing in respect of that operation, even if it has rights to the assets.","es":""},"explanation":{"fr":"","en":"With rights to assets and obligations for liabilities, it applies the joint operator rule (IFRS 11, para. 23).","es":""},"common_error":{"fr":"","en":"Linking the accounting to joint control alone.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000052","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"CALCULATION","format":"CALCULATION","context":"MANUFACTURING","tested_point":"SALE_CALC","difficulty":"INTERMEDIATE","estimated_time_s":140,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-sale"},"references":["IFRS 11 §22","IFRS 11 §B34"],"exercise":{"prompt":{"fr":"","en":"Gorvex SA holds 55% of a joint operation and sells it a machine with a carrying amount of €640,000 for €870,000. Calculate the total gain, the gain recognised and the gain not recognised.","es":""},"explanation":{"fr":"","en":"€870,000 − €640,000 = €230,000; (100% − 55%) × €230,000 = €103,500; €230,000 − €103,500 = €126,500 (IFRS 11).","es":""},"common_error":{"fr":"","en":"Taking 55% of the gain instead of 45%.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Selling price","es":""},"value":"870000","unit":"EUR"},{"label":{"fr":"","en":"Carrying amount","es":""},"value":"640000","unit":"EUR"},{"label":{"fr":"","en":"Gorvex's share","es":""},"value":"55","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Total gain","es":""},"answer":230000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Gain recognised","es":""},"answer":103500,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Gain not recognised","es":""},"answer":126500,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Total gain","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Selling price","es":""},"value":870000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Carrying amount","es":""},"value":640000,"unit":"EUR"}],"result":230000,"unit":"EUR"},{"step":"s3","meaning":{"fr":"","en":"Gain not recognised","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Total gain","es":""},"value":230000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Gain recognised","es":""},"value":103500,"unit":"EUR"}],"result":126500,"unit":"EUR"}],"references":["REF.IFRS11.22","REF.IFRS11.B34"]}},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000053","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"AUTOMOTIVE","tested_point":"SALE_ENTRY","difficulty":"INTERMEDIATE","estimated_time_s":150,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"entry-sale"},"references":["IFRS 11 §22","IFRS 11 §B34"],"exercise":{"prompt":{"fr":"","en":"Mistran SA holds 40% of a joint operation and sells it equipment with a carrying amount of €270,000 for €430,000. Case convention: only the part of the price paid by the other parties is received in net cash, and the retained part of the asset is measured at its share of the previous carrying amount. Post the sale entry.","es":""},"explanation":{"fr":"","en":"Total gain €430,000 − €270,000 = €160,000; gain recognised (100% − 40%) × €160,000 = €96,000; cash 60% × €430,000 = €258,000; retained share 40% × €270,000 = €108,000; check: €258,000 + €108,000 = €270,000 + €96,000 (IFRS 11).","es":""},"common_error":{"fr":"","en":"Recognising the total gain of €160,000.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"cash","text":{"fr":"","en":"Cash","es":""}},{"id":"ret","text":{"fr":"","en":"Jointly held asset: retained share","es":""}},{"id":"eq","text":{"fr":"","en":"Equipment sold","es":""}},{"id":"gain","text":{"fr":"","en":"Gain on sale","es":""}},{"id":"def","text":{"fr":"","en":"Deferred gain liability","es":""}}],"lines":[{"id":"l1","account":"cash","side":"DEBIT","amount":258000,"given":["account","side"]},{"id":"l2","account":"ret","side":"DEBIT","amount":108000,"given":["account","side"]},{"id":"l3","account":"eq","side":"CREDIT","amount":270000,"given":["account","side"]},{"id":"l4","account":"gain","side":"CREDIT","amount":96000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000054","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"SALE_PERCENT_SC","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-sale"},"references":["IFRS 11 §22","IFRS 11 §B34"],"exercise":{"prompt":{"fr":"","en":"A joint operator holds 80% of a joint operation and sells it an asset with a total gain of €70,000. What gain does it recognise?","es":""},"explanation":{"fr":"","en":"(100% − 80%) × €70,000 = €14,000 (IFRS 11).","es":""},"common_error":{"fr":"","en":"Applying its own share to the gain.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"€56,000, i.e. its own share applied to the total gain","es":""},"correct":false,"feedback":{"fr":"","en":"The operator's share is the part it retains; only the other parties' share gives the gain recognised (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"€70,000, the total gain, because the sale is made at a market price","es":""},"correct":false,"feedback":{"fr":"","en":"Even at a market price, the gain remains limited to the other parties' share (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"€14,000, i.e. the other parties' share (20%) applied to the gain","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"No gain, because the asset sold remains within the joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"A gain is recognised for the other parties' share (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000055","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"APPLICATION","format":"ORDERING","context":"RETAIL","tested_point":"SALE_STEPS_ORDER","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"numeric-sale"},"references":["IFRS 11 §22","IFRS 11 §B34"],"exercise":{"prompt":{"fr":"","en":"Put in order the calculation of the gain recognised on a sale of an asset to the joint operation (pedagogical organisation).","es":""},"explanation":{"fr":"","en":"One calculates the total gain, the other parties' share, the gain recognised, then records (IFRS 11).","es":""},"common_error":{"fr":"","en":"Applying the share before calculating the total gain.","es":""},"format":"ORDERING","steps":[{"id":"s1","text":{"fr":"","en":"Calculate the total gain: selling price less carrying amount","es":""}},{"id":"s2","text":{"fr":"","en":"Deduce the other parties' share: 100% less the operator's share","es":""}},{"id":"s3","text":{"fr":"","en":"Apply this share to the total gain","es":""}},{"id":"s4","text":{"fr":"","en":"Record the gain recognised and the retained share of the asset","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000056","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.ACQUISITION_OF_INTEREST"],"dimension":"ANALYSIS","format":"MULTIPLE_CHOICE","context":"TECH","tested_point":"ACQ_BUSINESS_MC","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"judgment"},"references":["IFRS 11 §21A","IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Among these statements on acquiring an interest in a joint operation, which are correct?","es":""},"explanation":{"fr":"","en":"Checking that it is a business precedes the application of IFRS 3 principles (IFRS 11).","es":""},"common_error":{"fr":"","en":"Applying IFRS 3 principles to any purchase of an interest.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It must first be determined whether the joint operation acquired is a business within the meaning of IFRS 3","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"IFRS 3 applies to any acquisition of an interest in a joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 3 applies only if the activity constitutes a business (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"The interest acquired is accounted for by the equity method","es":""},"correct":false,"feedback":{"fr":"","en":"A joint operation is not accounted for by the equity method (IFRS 11, para. 20).","es":""}},{"id":"D","text":{"fr":"","en":"If it is a business, the business combination accounting principles of IFRS 3 apply","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000057","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PREVIOUSLY_HELD_INTEREST"],"dimension":"ANALYSIS","format":"CLASSIFICATION","context":"ENERGY","tested_point":"PHI_CLASSIFY","difficulty":"ADVANCED","estimated_time_s":110,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-previously-held"},"references":["IFRS 11 §B33CA"],"exercise":{"prompt":{"fr":"","en":"Classify each situation (case facts) according to the treatment of previously held interests.","es":""},"explanation":{"fr":"","en":"Obtaining joint control does not remeasure previously held interests; obtaining control comes under IFRS 3 and remeasures them (IFRS 11, IFRS 3).","es":""},"common_error":{"fr":"","en":"Remeasuring previously held interests when only joint control is obtained.","es":""},"format":"CLASSIFICATION","categories":[{"id":"c1","text":{"fr":"","en":"Previously held interests not remeasured","es":""}},{"id":"c2","text":{"fr":"","en":"Previously held interests remeasured under IFRS 3","es":""}}],"items":[{"id":"i1","text":{"fr":"","en":"A party without joint control of a joint operation that is a business obtains joint control.","es":""},"category":"c1"},{"id":"i2","text":{"fr":"","en":"A joint operator of a joint operation that is a business obtains control of it.","es":""},"category":"c2"},{"id":"i3","text":{"fr":"","en":"A party holding a share of a joint operation that is a business obtains joint control of it following a new agreement.","es":""},"category":"c1"},{"id":"i4","text":{"fr":"","en":"A party without joint control of a joint operation that is a business obtains sole control of the operation.","es":""},"category":"c2"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000058","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PREVIOUSLY_HELD_INTEREST","IFRS11.JO.ACQUISITION_OF_INTEREST"],"dimension":"PROFESSIONAL_JUDGMENT","format":"MINI_CASE","context":"MINING","tested_point":"PHI_MINI_CASE","difficulty":"ADVANCED","estimated_time_s":200,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-previously-held"},"references":["IFRS 11 §B33CA","IFRS 11 §21A"],"exercise":{"prompt":{"fr":"","en":"A partner obtains joint control: which treatment?","es":""},"explanation":{"fr":"","en":"Joint control obtained: interests not remeasured; control obtained: remeasurement under IFRS 3 (IFRS 11).","es":""},"common_error":{"fr":"","en":"Applying the remeasurement for obtaining control to obtaining joint control.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Deltrac SA holds an interest without joint control in a joint operation that runs a mine, an activity that meets the definition of a business (case facts). Following a new agreement, Deltrac obtains joint control of the mine.","es":""},"parts":[{"prompt":{"fr":"","en":"What becomes of the interest Deltrac previously held?","es":""},"explanation":{"fr":"","en":"Obtaining joint control of a joint operation that is a business does not remeasure previously held interests (IFRS 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It is remeasured at fair value, as in a business combination","es":""},"correct":false,"feedback":{"fr":"","en":"Remeasurement concerns obtaining control, not joint control (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"It is not remeasured, because Deltrac obtains joint control and not control","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"It is derecognised, then the interest is recognised at cost","es":""},"correct":false,"feedback":{"fr":"","en":"No derecognition is provided for obtaining joint control (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"It is reclassified as an equity-accounted joint venture after the transaction","es":""},"correct":false,"feedback":{"fr":"","en":"The initial classification of the mine as a joint operation is not called into question by obtaining joint control (IFRS 11).","es":""}}],"id":"p1","dimension":"RECOGNITION"},{"prompt":{"fr":"","en":"If Deltrac had obtained control of the mine, the previously held interest would have been remeasured under IFRS 3.","es":""},"explanation":{"fr":"","en":"Obtaining control of a joint operation that is a business comes under IFRS 3 (IFRS 11, IFRS 3).","es":""},"common_error":{"fr":"","en":"Keeping the previously held interest at carrying amount on obtaining control: IFRS 3 requires remeasurement.","es":""},"format":"TRUE_FALSE","answer":true,"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"Which prior check does the definition of a business require?","es":""},"explanation":{"fr":"","en":"Business status is assessed under IFRS 3, not by price, vehicle or percentage (IFRS 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Check that the price paid exceeds the value of the mine's assets and the earlier acquisition price","es":""},"correct":false,"feedback":{"fr":"","en":"The price does not establish that it is a business (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"Check that the mine is structured through a separate vehicle","es":""},"correct":false,"feedback":{"fr":"","en":"A separate vehicle is a classification criterion, not one for defining a business (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"Check that Deltrac holds more than 20% of the mine","es":""},"correct":false,"feedback":{"fr":"","en":"A percentage does not define a business (IFRS 11).","es":""}},{"id":"D","text":{"fr":"","en":"Check that the mine meets the IFRS 3 definition of a business","es":""},"correct":true}],"id":"p3","dimension":"APPLICATION"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000059","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"SALE_OWN_SHARE_TF","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IFRS11.000008","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-sale"},"references":["IFRS 11 §22","IFRS 11 §B34"],"exercise":{"prompt":{"fr":"","en":"To calculate the gain recognised on a sale to the joint operation, the operator applies its own share in the operation to the total gain.","es":""},"explanation":{"fr":"","en":"It applies the other parties' share, i.e. 100% less its own share (IFRS 11).","es":""},"common_error":{"fr":"","en":"Applying its own share to the gain.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000060","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION"],"dimension":"RULE_KNOWLEDGE","format":"FILL_BLANK","context":"GENERIC","tested_point":"JO_PARA20_FILL","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000009","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000009","section_id":"understand"},"references":["IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Complete the joint operator's recognition rule.","es":""},"explanation":{"fr":"","en":"The operator recognises its assets and liabilities, including its share of those held or incurred jointly (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Replacing assets and liabilities with a holding.","es":""},"format":"FILL_BLANK","text":{"fr":"","en":"The joint operator recognises its {{b1}}, including its share of those {{b2}} jointly, as well as its revenue and its expenses.","es":""},"blanks":[{"id":"b1","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"assets and liabilities","es":""}},{"id":"c2","text":{"fr":"","en":"equity holdings","es":""}},{"id":"c3","text":{"fr":"","en":"equity","es":""}}],"answer":"c1"},{"id":"b2","mode":"CHOICE","choices":[{"id":"c1","text":{"fr":"","en":"held or incurred","es":""}},{"id":"c2","text":{"fr":"","en":"estimated or provided","es":""}},{"id":"c3","text":{"fr":"","en":"sold or abandoned","es":""}}],"answer":"c1"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000061","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.LIABILITIES_PRIMARY_OBLIGOR"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"REAL_ESTATE","tested_point":"LEASE_PRINCIPAL_SC","difficulty":"ADVANCED","estimated_time_s":100,"lesson_id":"LS.IFRS11.000009","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000009","section_id":"rule-liabilities"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Ostrabel SA and a partner jointly operate a logistics platform in equal shares. Ostrabel alone signs the lease and is the principal lessee; the initial lease debt is €3,400,000. What liability does Ostrabel recognise (2019 Committee decision, context)?","es":""},"explanation":{"fr":"","en":"Being the principal lessee makes the operator primarily liable for the whole liability, which it recognises (2019 Committee decision, IFRS 11).","es":""},"common_error":{"fr":"","en":"Reducing the liability to the operator's share in the operation.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Its share of the operation, i.e. €1,700,000","es":""},"correct":false,"feedback":{"fr":"","en":"The principal lessee recognises the liability for which it answers, not only its share (2019 decision).","es":""}},{"id":"B","text":{"fr":"","en":"The liability for which it is primarily liable, i.e. €3,400,000","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"No liability, because the lease relates to an asset of the joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"The operator recognises its liabilities, including those for which it is primarily liable (2019 decision).","es":""}},{"id":"D","text":{"fr":"","en":"A liability of €3,400,000, but in the joint operation's accounts","es":""},"correct":false,"feedback":{"fr":"","en":"It is the operator that recognises the liability for which it is responsible (2019 decision).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000063","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JO.SALE_OF_OUTPUT"],"dimension":"CALCULATION","format":"CALCULATION","context":"ENERGY","tested_point":"OUTPUT_REVENUE_CALC","difficulty":"INTERMEDIATE","estimated_time_s":130,"lesson_id":"LS.IFRS11.000009","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000009","section_id":"rule-output"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"A joint operation produces 90,000 units; Lodane SA is entitled to 35% of the output, i.e. 31,500 units. During the period, it receives 34,000 units and transfers them to its customers at €60 per unit. Calculate the revenue under the Committee's 2019 decision (context) and the revenue obtained with the theoretical entitlement alone.","es":""},"explanation":{"fr":"","en":"34,000 × €60 = €2,040,000 (transfer to customers, IFRS 15); 31,500 × €60 = €1,890,000 (theoretical entitlement, set aside) (2019 Committee decision, IFRS 11).","es":""},"common_error":{"fr":"","en":"Calculating revenue on the entitlement instead of the units transferred.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Units transferred to customers","es":""},"value":"34000","unit":"UNITS"},{"label":{"fr":"","en":"Units of the theoretical entitlement","es":""},"value":"31500","unit":"UNITS"},{"label":{"fr":"","en":"Unit price","es":""},"value":"60","unit":"EUR"}],"steps":[{"id":"s1","label":{"fr":"","en":"Revenue retained (transfer to customers)","es":""},"answer":2040000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Revenue on the theoretical entitlement (set aside)","es":""},"answer":1890000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s1","meaning":{"fr":"","en":"Revenue retained (transfer to customers)","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Units transferred to customers","es":""},"value":34000,"unit":"UNITS"},{"symbol":"b","meaning":{"fr":"","en":"Unit price","es":""},"value":60,"unit":"EUR"}],"result":2040000,"unit":"EUR"},{"step":"s2","meaning":{"fr":"","en":"Revenue on the theoretical entitlement (set aside)","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Units of the theoretical entitlement","es":""},"value":31500,"unit":"UNITS"},{"symbol":"b","meaning":{"fr":"","en":"Unit price","es":""},"value":60,"unit":"EUR"}],"result":1890000,"unit":"EUR"}],"references":["REF.IFRS11.IFRIC.2019.SALEOFOUTPUT"]}},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000067","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD"],"dimension":"RULE_KNOWLEDGE","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"JV_METHOD_SC","difficulty":"BEGINNER","estimated_time_s":60,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-equity"},"references":["IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"Which method does IFRS 11 retain for a joint venturer's interest?","es":""},"explanation":{"fr":"","en":"The joint venturer applies the equity method under IAS 28, unless exempt (IFRS 11, para. 24).","es":""},"common_error":{"fr":"","en":"Applying the line-by-line method to the joint venturer.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The equity method set out in IAS 28, accounted for as an investment","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Proportionate consolidation of its shares of assets and liabilities, line by line","es":""},"correct":false,"feedback":{"fr":"","en":"This line-by-line method is that of the joint operation, not of the joint venture (IFRS 11, para. 24).","es":""}},{"id":"C","text":{"fr":"","en":"Measurement of the interest at fair value through profit or loss","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 9 does not concern the joint venturer, which applies the equity method (IFRS 11, para. 24).","es":""}},{"id":"D","text":{"fr":"","en":"Acquisition cost, with no later change","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method changes the carrying amount with the share of the result (IFRS 11, para. 24).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000068","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD"],"dimension":"RULE_KNOWLEDGE","format":"TRUE_FALSE","context":"GENERIC","tested_point":"JV_DIVIDEND_TF","difficulty":"BEGINNER","estimated_time_s":45,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-equity"},"references":["IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"The dividend a joint venturer receives from its joint venture reduces the carrying amount of its investment.","es":""},"explanation":{"fr":"","en":"The dividend received is a return of part of the investment, already recognised through the share of profit (IAS 28).","es":""},"common_error":{"fr":"","en":"Recognising the dividend as income.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000069","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD"],"dimension":"CALCULATION","format":"CALCULATION","context":"AEROSPACE","tested_point":"JV_ROLL_CALC","difficulty":"INTERMEDIATE","estimated_time_s":160,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"numeric-roll"},"references":["IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"A joint venturer at 35% has an opening amount of €3,200,000. The joint venture earns profit of €760,000, records €170,000 of other comprehensive income and distributes €370,000. Calculate each movement and the closing amount.","es":""},"explanation":{"fr":"","en":"35% × €760,000 = €266,000; 35% × €170,000 = €59,500; 35% × €370,000 = €129,500; €3,200,000 + €266,000 + €59,500 − €129,500 = €3,396,000 (IAS 28).","es":""},"common_error":{"fr":"","en":"Forgetting other comprehensive income or adding the dividends.","es":""},"format":"CALCULATION","data":[{"label":{"fr":"","en":"Opening amount","es":""},"value":"3200000","unit":"EUR"},{"label":{"fr":"","en":"Percentage","es":""},"value":"35","unit":"PERCENT"}],"steps":[{"id":"s1","label":{"fr":"","en":"Share of profit","es":""},"answer":266000,"tolerance":0,"unit":"EUR"},{"id":"s2","label":{"fr":"","en":"Share of other comprehensive income","es":""},"answer":59500,"tolerance":0,"unit":"EUR"},{"id":"s3","label":{"fr":"","en":"Dividends received","es":""},"answer":129500,"tolerance":0,"unit":"EUR"},{"id":"s4","label":{"fr":"","en":"Closing amount","es":""},"answer":3396000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"s4","meaning":{"fr":"","en":"Closing amount","es":""},"expression":"a + b + c - d","variables":[{"symbol":"a","meaning":{"fr":"","en":"Opening amount","es":""},"value":3200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Share of profit","es":""},"value":266000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Share of other comprehensive income","es":""},"value":59500,"unit":"EUR"},{"symbol":"d","meaning":{"fr":"","en":"Dividends received","es":""},"value":129500,"unit":"EUR"}],"result":3396000,"unit":"EUR"}],"references":["REF.IFRS11.24"]}},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000070","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD"],"dimension":"JOURNAL_ENTRY","format":"JOURNAL_ENTRY","context":"MEDIA","tested_point":"JV_ENTRY_PROFIT_DIVIDEND","difficulty":"INTERMEDIATE","estimated_time_s":140,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"entry-roll"},"references":["IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"A joint venturer at 45% records, for the year, its share of the joint venture's profit (€640,000) and the dividend received (€220,000 distributed by the joint venture). Post the two entries together (counterparts: case conventions).","es":""},"explanation":{"fr":"","en":"45% × €640,000 = €288,000 (share, in profit or loss); 45% × €220,000 = €99,000 (dividend received, which reduces the investment, with no dividend income) (IAS 28).","es":""},"common_error":{"fr":"","en":"Crediting dividend income instead of the investment.","es":""},"format":"JOURNAL_ENTRY","accounts":[{"id":"inv","text":{"fr":"","en":"Investment in a joint venture","es":""}},{"id":"share","text":{"fr":"","en":"Share of profit of joint ventures","es":""}},{"id":"cash","text":{"fr":"","en":"Cash","es":""}},{"id":"div","text":{"fr":"","en":"Dividend income","es":""}}],"lines":[{"id":"l1","account":"inv","side":"DEBIT","amount":288000,"given":["account","side"]},{"id":"l2","account":"share","side":"CREDIT","amount":288000,"given":["account","side"]},{"id":"l3","account":"cash","side":"DEBIT","amount":99000,"given":["account","side"]},{"id":"l4","account":"inv","side":"CREDIT","amount":99000,"given":["account","side"]}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000071","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"RETAIL","tested_point":"JV_NO_JC_SC","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-no-jc"},"references":["IFRS 11 §25","IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"A party holds 12% of a joint venture without having joint control or any significant influence. Which standard does it apply?","es":""},"explanation":{"fr":"","en":"Without joint control and without significant influence, the interest comes under IFRS 9 (IFRS 11, para. 25).","es":""},"common_error":{"fr":"","en":"Applying the equity method to every party to the joint venture.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IAS 28, because it takes part in the joint venture","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 28 assumes significant influence, which is absent here (IFRS 11, para. 25).","es":""}},{"id":"B","text":{"fr":"","en":"IFRS 11, para. 20, like a joint operator","es":""},"correct":false,"feedback":{"fr":"","en":"Para. 20 concerns the joint operation (IFRS 11, para. 25).","es":""}},{"id":"C","text":{"fr":"","en":"IFRS 9, for its interest","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"No standard, because without joint control there is nothing to account for","es":""},"correct":false,"feedback":{"fr":"","en":"The interest is an asset accounted for under IFRS 9 (IFRS 11, para. 25).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000072","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD","IFRS11.JO.PARTY_WITHOUT_JOINT_CONTROL","IFRS11.JV.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"APPLICATION","format":"MATCHING","context":"TECH","tested_point":"ACCOUNTING_BY_POSITION_MATCH","difficulty":"INTERMEDIATE","estimated_time_s":100,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-no-jc"},"references":["IFRS 11 §24","IFRS 11 §23","IFRS 11 §25","IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Match each position of the entity with the accounting for its interest.","es":""},"explanation":{"fr":"","en":"The position determines the accounting: line by line for the operator, equity method for the venturer or the party with significant influence, IFRS 9 otherwise (IFRS 11, para. 20, 24 and 25).","es":""},"common_error":{"fr":"","en":"Confusing line by line and the equity method.","es":""},"format":"MATCHING","left":[{"id":"l1","text":{"fr":"","en":"Joint operator of a joint operation","es":""}},{"id":"l2","text":{"fr":"","en":"Joint venturer of a joint venture","es":""}},{"id":"l3","text":{"fr":"","en":"Party to a joint venture without joint control, with significant influence","es":""}},{"id":"l4","text":{"fr":"","en":"Party to a joint venture without joint control or significant influence","es":""}}],"right":[{"id":"r3","text":{"fr":"","en":"Equity method under IAS 28, because the party has significant influence","es":""}},{"id":"r2","text":{"fr":"","en":"Equity method under IAS 28, because the party has joint control","es":""}},{"id":"r5","text":{"fr":"","en":"Full line-by-line consolidation of the joint venture","es":""}},{"id":"r4","text":{"fr":"","en":"IFRS 9","es":""}},{"id":"r1","text":{"fr":"","en":"Its assets, liabilities, revenue and expenses, line by line","es":""}}],"pairs":[{"left":"l1","right":"r1"},{"left":"l2","right":"r2"},{"left":"l3","right":"r3"},{"left":"l4","right":"r4"}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000073","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD","IFRS11.INTERACTIONS.IAS28"],"dimension":"ANALYSIS","format":"ERROR_SPOT","context":"UTILITIES","tested_point":"JV_ERRORS_SPOT","difficulty":"INTERMEDIATE","estimated_time_s":110,"lesson_id":"LS.IFRS11.000010","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"pitfalls"},"references":["IFRS 11 §24","IFRS 11 §25"],"exercise":{"prompt":{"fr":"","en":"Spot the erroneous statements about accounting for a joint venture.","es":""},"explanation":{"fr":"","en":"Two statements are correct; two ignore the place of dividends or the nature of the investment (IFRS 11, para. 24; IAS 28).","es":""},"common_error":{"fr":"","en":"Taking up the joint venture's assets and liabilities line by line.","es":""},"format":"ERROR_SPOT","statements":[{"id":"s1","text":{"fr":"","en":"The joint venturer takes up its share of the joint venture's profit in its profit or loss.","es":""},"erroneous":false},{"id":"s2","text":{"fr":"","en":"The joint venturer recognises the dividend received as income, on top of its share of profit.","es":""},"erroneous":true,"correction":{"fr":"","en":"The dividend reduces the carrying amount of the investment; counting it as income would bring the gain in twice (IAS 28).","es":""}},{"id":"s3","text":{"fr":"","en":"The joint venturer takes all of the joint venture's assets and liabilities into its balance sheet.","es":""},"erroneous":true,"correction":{"fr":"","en":"It recognises a single investment, not the joint venture's assets and liabilities (IFRS 11, para. 24).","es":""}},{"id":"s4","text":{"fr":"","en":"IFRS 11 refers to IAS 28 for the equity method of the joint venture.","es":""},"erroneous":false}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000075","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SEPARATE.JOINT_OPERATION"],"dimension":"APPLICATION","format":"SINGLE_CHOICE","context":"MANUFACTURING","tested_point":"SEPARATE_JO_SC","difficulty":"INTERMEDIATE","estimated_time_s":80,"lesson_id":"LS.IFRS11.000011","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-separate-jo"},"references":["IFRS 11","IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"In its separate statements, must Hartzel SA, a joint operator of a joint operation, record an investment in the vehicle carrying the operation?","es":""},"explanation":{"fr":"","en":"The accounting is identical in the consolidated and separate statements, with no investment on top (2015 Committee decision, IFRS 11).","es":""},"common_error":{"fr":"","en":"Taking up an investment at cost in the separate statements.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Yes, at cost, as for an interest in a separate entity","es":""},"correct":false,"feedback":{"fr":"","en":"As rights and obligations are the same, the accounting is identical to the consolidated one (2015 decision).","es":""}},{"id":"B","text":{"fr":"","en":"No: assets, liabilities, revenue and expenses, as in consolidated","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Yes, at fair value, to reflect the value of the operation","es":""},"correct":false,"feedback":{"fr":"","en":"An interest at fair value would duplicate the shares (2015 decision).","es":""}},{"id":"D","text":{"fr":"","en":"Yes, by the equity method, as for a joint venture","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is that of the joint venture, not of the joint operation (IFRS 11, para. 20).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000077","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SEPARATE.JOINT_VENTURE"],"dimension":"PROFESSIONAL_JUDGMENT","format":"SINGLE_CHOICE","context":"TELECOM","tested_point":"SEPARATE_JV_SC","difficulty":"ADVANCED","estimated_time_s":100,"lesson_id":"LS.IFRS11.000011","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-separate-jv"},"references":["IFRS 11 §26","IFRS 11 §27"],"exercise":{"prompt":{"fr":"","en":"For its interest in a joint venture, Norhaven SA prepares separate statements. What must it check before choosing its method?","es":""},"explanation":{"fr":"","en":"IAS 27 permits cost, IFRS 9 or the equity method; the choice is a documented accounting policy (IFRS 11).","es":""},"common_error":{"fr":"","en":"Believing the method is imposed by IFRS 11 or not documenting the choice of method.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"That the joint venture is classified line by line, like a joint operation, in its consolidated statements","es":""},"correct":false,"feedback":{"fr":"","en":"Line-by-line accounting concerns the joint operation, not the joint venture (IFRS 11).","es":""}},{"id":"B","text":{"fr":"","en":"That the method is imposed by IFRS 11 and not by IAS 27","es":""},"correct":false,"feedback":{"fr":"","en":"The methods come under IAS 27 (cost, IFRS 9 or equity method), not IFRS 11.","es":""}},{"id":"C","text":{"fr":"","en":"The IAS 27 methods (cost, IFRS 9 or equity method)","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"That the joint venturer does not need to prepare separate statements","es":""},"correct":false,"feedback":{"fr":"","en":"The case assumes separate statements are prepared; the question is the method (IFRS 11).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000078","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.INTERACTIONS.IFRS10"],"dimension":"PROFESSIONAL_JUDGMENT","format":"SINGLE_CHOICE","context":"FINANCE","tested_point":"IFRS10_TENSION_SC","difficulty":"ADVANCED","estimated_time_s":110,"lesson_id":"LS.IFRS11.000011","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-ifrs10"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"A joint operator sells to its joint operation a subsidiary it controls. What does the context say about how IFRS 11's limited gain and IFRS 10's loss of control fit together?","es":""},"explanation":{"fr":"","en":"The tension noted in 2016 is not resolved; the 2014 amendments are postponed indefinitely and form no rule in force (2016 Committee decision).","es":""},"common_error":{"fr":"","en":"Teaching one of the two readings as the general rule.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The 2014 amendments are in force and require the full gain on a sale of a subsidiary","es":""},"correct":false,"feedback":{"fr":"","en":"These amendments are postponed indefinitely and are not in force (2016 decision).","es":""}},{"id":"B","text":{"fr":"","en":"IFRS 11 prevails over IFRS 10, and the gain is limited to the other parties' share","es":""},"correct":false,"feedback":{"fr":"","en":"The tension was noted without being settled by a rule in force (2016 decision).","es":""}},{"id":"C","text":{"fr":"","en":"IFRS 10 prevails over IFRS 11, and the loss of control is accounted for in full","es":""},"correct":false,"feedback":{"fr":"","en":"Neither reading is presented as the general rule (2016 decision).","es":""}},{"id":"D","text":{"fr":"","en":"A tension was noted in 2016 with the amendments postponed indefinitely: no general rule follows","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000079","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.INTERACTIONS.IFRS12","IFRS11.INTERACTIONS.IFRS10"],"dimension":"DOCUMENTATION","format":"MULTIPLE_CHOICE","context":"REAL_ESTATE","tested_point":"WHERE_TO_LOOK_MC","difficulty":"INTERMEDIATE","estimated_time_s":90,"lesson_id":"LS.IFRS11.000011","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-ifrs12"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"A preparer is looking for answers about a joint arrangement. Among these leads, which are correct?","es":""},"explanation":{"fr":"","en":"IFRS 12 covers the disclosures; for the loss of control of a subsidiary sold to the joint operation, the tension noted in 2016 is not settled by a text in force, the 2014 amendments being postponed (IFRS 12; 2016 decision).","es":""},"common_error":{"fr":"","en":"Looking for the disclosures in IFRS 11.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The disclosures are detailed in the paragraphs of IFRS 11 on accounting","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 11 deals with accounting; disclosures come under IFRS 12.","es":""}},{"id":"B","text":{"fr":"","en":"The disclosures about the nature, extent and financial effects of the arrangement are found in IFRS 12","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The 2014 amendments to IFRS 10 now settle the matter and are in force","es":""},"correct":false,"feedback":{"fr":"","en":"They are postponed indefinitely: they are not in force.","es":""}},{"id":"D","text":{"fr":"","en":"The treatment of the loss of control of a subsidiary sold to the joint operation is not settled by a text in force: in 2016 the Committee noted a tension between IFRS 10 and IFRS 11","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"LX.IFRS11.000080","source":"V2","standard_id":"IFRS11","concept_ids":["IFRS11.SEPARATE.JOINT_VENTURE","IFRS11.INTERACTIONS.IFRS10","IFRS11.INTERACTIONS.IFRS12"],"dimension":"PROFESSIONAL_JUDGMENT","format":"MINI_CASE","context":"MEDIA","tested_point":"SEPARATE_MINI_CASE","difficulty":"EXPERT","estimated_time_s":240,"lesson_id":"LS.IFRS11.000011","review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"judgment"},"references":["IFRS 11 §26","IFRS 11 §27","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Torin SA: separate statements, sale of a subsidiary and disclosures.","es":""},"explanation":{"fr":"","en":"Deferred tension with IFRS 10, documented IAS 27 method for the joint venture, disclosures in IFRS 12.","es":""},"common_error":{"fr":"","en":"Presenting a deferred reading as a general rule.","es":""},"format":"MINI_CASE","scenario":{"fr":"","en":"Torin SA prepares consolidated and separate statements. It is a joint venturer in a joint venture, Sirel SAS, and has sold one of its subsidiaries to a joint operation of which it is a joint operator. The team is wondering which rule to apply to the sale of the subsidiary, how to treat Sirel in the separate statements and where to find the disclosures (case facts).","es":""},"parts":[{"prompt":{"fr":"","en":"What should be retained about the sale of the subsidiary to the joint operation?","es":""},"explanation":{"fr":"","en":"The tension noted in 2016 is not resolved; no reading is taught as the general rule.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The tension between IFRS 11's limited gain and IFRS 10's loss of control is not settled","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The 2014 amendments apply and give the answer for the sale of a subsidiary to the joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"These amendments are postponed indefinitely (2016 decision).","es":""}},{"id":"C","text":{"fr":"","en":"The gain is full, because it is a subsidiary whose control is lost","es":""},"correct":false,"feedback":{"fr":"","en":"No rule in force settles this choice (2016 decision).","es":""}},{"id":"D","text":{"fr":"","en":"The gain is limited to the other parties' share, because the buyer is a joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"No rule in force settles this choice (2016 decision).","es":""}}],"id":"p1","dimension":"PROFESSIONAL_JUDGMENT"},{"prompt":{"fr":"","en":"How does Torin treat Sirel, its joint venture, in its separate statements?","es":""},"explanation":{"fr":"","en":"For the joint venture, IAS 27 permits cost, IFRS 9 or the equity method; the choice is documented (IFRS 11).","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"By a method permitted by IAS 27 (cost, IFRS 9 or equity method), chosen and documented","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Line by line, like its joint operation","es":""},"correct":false,"feedback":{"fr":"","en":"Line by line concerns the joint operation, not the joint venture (IFRS 11).","es":""}},{"id":"C","text":{"fr":"","en":"By a single method imposed by IFRS 11 on all joint venturers","es":""},"correct":false,"feedback":{"fr":"","en":"Separate statements come under IAS 27, which permits a choice of method; IFRS 11 does not impose a single one.","es":""}},{"id":"D","text":{"fr":"","en":"It does not treat it, as separate statements do not cover joint ventures","es":""},"correct":false,"feedback":{"fr":"","en":"Separate statements cover the interest, under IAS 27 (IFRS 11).","es":""}}],"id":"p2","dimension":"ANALYSIS"},{"prompt":{"fr":"","en":"Where does Torin find the disclosures on these joint arrangements?","es":""},"explanation":{"fr":"","en":"Disclosures about joint arrangements come under IFRS 12.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In IFRS 11, which details the notes to be provided for each joint arrangement and each entity","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 11 deals with accounting, not the notes (IFRS 12).","es":""}},{"id":"B","text":{"fr":"","en":"In IAS 28, which also sets out the disclosures","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 28 sets the equity method, not the information on joint arrangements (IFRS 12).","es":""}},{"id":"C","text":{"fr":"","en":"In IFRS 12, which deals with their nature, extent and financial effects","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"In IFRS 10, since Torin is a parent company","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 10 deals with control and consolidation, not information on joint arrangements (IFRS 12).","es":""}}],"id":"p3","dimension":"DOCUMENTATION"}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000001","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000001","tested_point":"QST.IFRS11.000001","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Two companies each hold half of the capital of the same entity; this equal holding is enough to make the situation a joint arrangement under IFRS 11.","es":""},"explanation":{"fr":"","en":"A joint arrangement is an arrangement of which two or more parties have joint control, and joint control is the contractually agreed sharing of control of the arrangement (IFRS 11, Appendix A). Each holding half of the capital is not enough on its own: an agreement to share control is needed. Trap: Treating any holding by several parties as a joint arrangement. Rule to remember: Without a contractually agreed sharing of control, there is no joint arrangement (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Treating any holding by several parties as a joint arrangement, without looking for joint control.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000002","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000002","tested_point":"QST.IFRS11.000002","difficulty":"BEGINNER","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"What characterises a joint arrangement under IFRS 11?","es":""},"explanation":{"fr":"","en":"A joint arrangement is an arrangement of which two or more parties have joint control; joint control is the contractually agreed sharing of control of the arrangement (IFRS 11, Appendix A). Trap: Reducing a joint arrangement to a common holding of capital or to shared influence. Rule to remember: Joint arrangement = jointly controlled by contractual agreement (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Confusing a joint arrangement with a common holding of capital or with significant influence.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"An arrangement in which two or more parties each hold an interest in the same entity, whatever governance is provided for.","es":""},"correct":false,"feedback":{"fr":"","en":"Holding an interest in the same entity does not make a joint arrangement: the criterion is the contractually agreed sharing of control, not co-ownership of capital (IFRS 11, Appendix A). Governance without shared control stays outside the definition. Rule to remember: A joint arrangement is defined by joint control, not by a common holding (IFRS 11, Appendix A).","es":""}},{"id":"B","text":{"fr":"","en":"An arrangement of which two or more parties have joint control, shared by contract and requiring unanimous consent on the relevant activities.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"An arrangement under which one party controls an entity within the meaning of IFRS 10 while involving the other parties in day-to-day decisions.","es":""},"correct":false,"feedback":{"fr":"","en":"In the situation described, a single party controls the entity: control is not shared among several parties, so there is no joint control (IFRS 11, Appendix A). One party's control of an entity falls under IFRS 10. Rule to remember: A joint arrangement requires several parties to share control (IFRS 11, Appendix A).","es":""}},{"id":"D","text":{"fr":"","en":"An arrangement under which two parties each exercise significant influence over a common entity, their decisions not being linked.","es":""},"correct":false,"feedback":{"fr":"","en":"Significant influence is the power to participate in decisions without controlling them; it is foreign to the definition of a joint arrangement, which rests on joint control (IFRS 11, Appendix A). Two influential investors with unlinked decisions share no control. Rule to remember: Significant influence and joint control are two distinct notions (IFRS 11, Appendix A).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000003","standard_id":"IFRS11","concept_ids":["IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000003","tested_point":"QST.IFRS11.000003","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Which statements about the notion of a joint arrangement are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"A joint arrangement is defined by the joint control of two or more parties, itself a contractually agreed sharing of control, and it is then classified as a joint operation or a joint venture according to the parties' rights and obligations (IFRS 11, Appendix A). Trap: Adopting a voting-majority or result-sharing criterion. Rule to remember: Joint arrangement = jointly controlled by contractual agreement (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Looking for a voting-majority or result-sharing criterion to define a joint arrangement.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"An arrangement between two parties is a joint arrangement as soon as one of them holds the majority of the voting rights of the entity.","es":""},"correct":false,"feedback":{"fr":"","en":"A party holding the majority of the voting rights can decide without the others: control is not shared, so there is no joint control (IFRS 11, Appendix A). Its possible control falls under IFRS 10. Rule to remember: A majority held by one party excludes the sharing of control (IFRS 11, Appendix A).","es":""}},{"id":"B","text":{"fr":"","en":"Depending on the parties' rights and obligations, a joint arrangement is a joint operation or a joint venture.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"A joint arrangement is an arrangement of which two or more parties have joint control.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Joint control is the sharing of control of an arrangement, agreed by contract.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"An arrangement is a joint arrangement whenever the parties share the results, even without shared control.","es":""},"correct":false,"feedback":{"fr":"","en":"Sharing results is not enough: a joint arrangement is defined by the contractually agreed sharing of control of the arrangement (IFRS 11, Appendix A). Results can be shared without decisions being taken together. Rule to remember: The criterion is joint control, not the sharing of results (IFRS 11, Appendix A).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000004","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000004","tested_point":"QST.IFRS11.000004","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-unanimity"},"references":["IFRS 11","IFRS 11 §7"],"exercise":{"prompt":{"fr":"","en":"Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.","es":""},"explanation":{"fr":"","en":"Joint control is the contractually agreed sharing of control of an arrangement; it exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control (IFRS 11, para. 7). Trap: Basing joint control on the holding percentage. Rule to remember: Joint control = unanimous consent required for decisions about the relevant activities (IFRS 11, para. 7).","es":""},"common_error":{"fr":"","en":"Basing joint control on the split of capital rather than on the decision rule.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000005","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.JOINT_CONTROL_DEFINITION"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000005","tested_point":"QST.IFRS11.000005","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-unanimity"},"references":["IFRS 11","IFRS 11 §7"],"exercise":{"prompt":{"fr":"","en":"Alpha SA and Bêta SA each hold 50% of the capital of Gamma SA. Under the agreement, decisions about Gamma's relevant activities are taken by simple majority of the board seats, and Alpha holds 5 of the 9 seats (case data). What is concluded about joint control of Gamma?","es":""},"explanation":{"fr":"","en":"Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control (IFRS 11, para. 7). Case facts: capital split 50 / 50, but a simple majority of seats held by Alpha (5 of 9), case data. Alpha can therefore decide without Bêta: there is no joint control, and Alpha's possible control is assessed under IFRS 10. Trap: Concluding from the split of capital. Rule to remember: Joint control is read in the decision rule (IFRS 11, para. 7).","es":""},"common_error":{"fr":"","en":"Concluding joint control from capital split 50 / 50, without reading the decision rule.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"There is joint control, because each of the two parties holds 50% of Gamma's capital and an equal holding reflects a sharing of control.","es":""},"correct":false,"feedback":{"fr":"","en":"The percentage of capital does not determine joint control: what matters is the decision rule on the relevant activities, which must require the unanimous consent of the parties (IFRS 11, para. 7). Here a simple majority is enough for Alpha. Rule to remember: Joint control is read in the decision rule, not in the split of capital (IFRS 11, para. 7).","es":""}},{"id":"B","text":{"fr":"","en":"There is joint control, because Bêta sits on the board and takes part in the deliberations on the relevant activities, which gives it a voice in each decision.","es":""},"correct":false,"feedback":{"fr":"","en":"Sitting on the board and deliberating is not enough: decisions must require the unanimous consent of the parties (IFRS 11, para. 7). With a simple majority held by Alpha, Bêta's vote is not indispensable. Rule to remember: Taking part in decisions is not sharing them by unanimity (IFRS 11, para. 7).","es":""}},{"id":"C","text":{"fr":"","en":"There is joint control, because the contractual agreement binds both parties for the operating life of Gamma, which establishes shared control.","es":""},"correct":false,"feedback":{"fr":"","en":"A contractual agreement is a condition of shared control, but it is not enough: decisions about the relevant activities must also require the unanimous consent of the parties (IFRS 11, para. 7). A commitment period changes nothing. Rule to remember: The contract must impose unanimity on the relevant activities (IFRS 11, para. 7).","es":""}},{"id":"D","text":{"fr":"","en":"There is no joint control: decisions do not require the unanimous consent of both parties, as Alpha can decide without Bêta.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000007","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.COLLECTIVE_CONTROL_FIRST"],"dimension":"RULE_KNOWLEDGE","context":"V1_VG.IFRS11.000006","tested_point":"VG.IFRS11.000006","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-two-steps"},"references":["IFRS 11 §8","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"What approach does a party follow to determine whether it has joint control of an arrangement?","es":""},"explanation":{"fr":"","en":"Before looking for joint control, the party assesses whether all the parties, or a group of the parties, control the arrangement collectively, within the meaning of IFRS 10; joint control then exists only if decisions about the relevant activities require the unanimous consent of the parties that control collectively (IFRS 11, paras. 7 and 8). Trap: Looking for unanimity before establishing collective control. Rule to remember: Collective control first, unanimity second (IFRS 11, paras. 7 and 8).","es":""},"common_error":{"fr":"","en":"Reversing the steps or basing joint control on the holding percentage.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It first checks collective control by all the parties or a group of them, then unanimous consent on decisions about the relevant activities.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"It first assesses whether decisions require the unanimous consent of all the parties, then, failing that, whether one of them controls the arrangement individually within the meaning of IFRS 10.","es":""},"correct":false,"feedback":{"fr":"","en":"The order is reversed: unanimity is examined only among the parties that control the arrangement collectively, which presupposes having established that collective control first (IFRS 11, paras. 7 and 8). Rule to remember: Collective control first, unanimity second (IFRS 11, paras. 7 and 8).","es":""}},{"id":"C","text":{"fr":"","en":"It first classifies the arrangement as a joint operation or a joint venture, then looks for joint control according to the category retained for the arrangement.","es":""},"correct":false,"feedback":{"fr":"","en":"Classification as a joint operation or a joint venture presupposes that the joint arrangement exists, so that joint control is already established; it does not precede the assessment of joint control (IFRS 11, paras. 7 and 8). Rule to remember: An arrangement is classified once joint control is established (IFRS 11, paras. 7 and 8).","es":""}},{"id":"D","text":{"fr":"","en":"It first compares its holding percentage with that of the other parties, then retains joint control for the party whose share is the highest.","es":""},"correct":false,"feedback":{"fr":"","en":"The holding percentage does not found joint control: joint control rests on the collective exercise of control and then on the unanimity required by the agreement (IFRS 11, paras. 7 and 8). A high share does not confer joint control. Rule to remember: Joint control is not inferred from a ranking of shares (IFRS 11, paras. 7 and 8).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000008","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.COLLECTIVE_CONTROL_FIRST"],"dimension":"ANALYSIS","context":"V1_VG.IFRS11.000006","tested_point":"VG.IFRS11.000006","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000002","section_id":"rule-two-steps"},"references":["IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"An analyst writes: \"Decisions about Orion's relevant activities require the agreement of Pôle and Quai; there is therefore joint control, with no need to examine whether Pôle and Quai control Orion collectively.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"Before looking for unanimity, the party assesses whether all the parties, or a group of the parties, control the arrangement collectively; joint control then exists only if decisions about the relevant activities require the unanimous consent of the parties that control collectively (IFRS 11, paras. 7 and 8). The analyst skips the first step. Trap: Looking for unanimity without having established collective control. Rule to remember: Collective control first, unanimity second (IFRS 11, paras. 7 and 8).","es":""},"common_error":{"fr":"","en":"Concluding joint control as soon as the agreement of two parties is required, without establishing their collective control.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It confuses joint control with significant influence, which is enough to classify the arrangement as a joint venture.","es":""},"correct":false,"feedback":{"fr":"","en":"The analyst does not mention significant influence: the reasoning concerns Pôle and Quai's agreement on decisions, and the error lies in the missing step, collective control (IFRS 11, paras. 7 and 8). Significant influence plays no part in the order of analysis. Rule to remember: Collective control comes before unanimity (IFRS 11, paras. 7 and 8).","es":""}},{"id":"B","text":{"fr":"","en":"It forgets that joint control is inferred from the percentage held by Pôle and Quai in Orion's capital.","es":""},"correct":false,"feedback":{"fr":"","en":"The holding percentage is not what is missing here: joint control rests on collective control and then on the unanimity required by the agreement, not on a proportion of capital (IFRS 11, paras. 7 and 8). Rule to remember: Joint control is not inferred from a percentage (IFRS 11, paras. 7 and 8).","es":""}},{"id":"C","text":{"fr":"","en":"It looks for unanimity without first establishing that the parties control the entity collectively, the first step of the analysis.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"It omits to classify Orion first as a joint operation or a joint venture before assessing joint control.","es":""},"correct":false,"feedback":{"fr":"","en":"Classification as a joint operation or a joint venture comes after joint control is recognised: only what is already a joint arrangement is classified (IFRS 11, paras. 7 and 8). The analyst's omission lies upstream, at collective control. Rule to remember: Collective control before unanimity, classification afterwards (IFRS 11, paras. 7 and 8).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000010","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.PARTIES_WITHOUT_JOINT_CONTROL"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000010","tested_point":"QST.IFRS11.000010","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"rule-parties"},"references":["IFRS 11","IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"All the parties to a joint arrangement are joint operators or joint venturers, including those whose consent is not required for decisions about the relevant activities.","es":""},"explanation":{"fr":"","en":"The joint operator and the joint venturer are the parties that have joint control of the joint operation and of the joint venture respectively (IFRS 11, Appendix A); joint control presupposes that the party's consent is required for decisions about the relevant activities (IFRS 11, paras. 7 and 8). A party whose consent is not required takes part without joint control. Trap: Calling every party to the arrangement a joint operator or joint venturer. Rule to remember: Only the parties with joint control are joint operators or joint venturers (IFRS 11, Appendix A).","es":""},"common_error":{"fr":"","en":"Considering that all the parties to a joint arrangement have joint control.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000011","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.PARTIES_WITHOUT_JOINT_CONTROL"],"dimension":"ANALYSIS","context":"V1_QST.IFRS11.000011","tested_point":"QST.IFRS11.000011","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"rule-parties"},"references":["IFRS 11","IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: \"Zéphyr SA holds 10% of a joint venture whose decisions about the relevant activities require the agreement of the two other parties, but not its own (case data); Zéphyr is therefore a joint venturer on the same footing as they are.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"The joint venturer is the party that has joint control of the joint venture (IFRS 11, Appendix A), which presupposes that its consent is required for decisions about the relevant activities (IFRS 11, paras. 7 and 8). In the case, the agreement of the two other parties is enough: Zéphyr takes part in the joint venture without joint control. Trap: Treating every party to the joint venture as a joint venturer. Rule to remember: A party whose consent is not required takes part without joint control (IFRS 11, paras. 7 and 8).","es":""},"common_error":{"fr":"","en":"Calling every party to the joint venture a joint venturer, including one that does not decide.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It forgets that the status of joint venturer belongs to the party holding the highest percentage, the other parties being left out of the joint venture.","es":""},"correct":false,"feedback":{"fr":"","en":"No ranking of percentages designates the joint venturer: being a party with joint control depends on its consent being required for decisions about the relevant activities (IFRS 11, paras. 7 and 8). The other parties are not left out of the joint venture for that reason. Rule to remember: Required consent, not rank of holding, makes the joint venturer (IFRS 11, paras. 7 and 8).","es":""}},{"id":"B","text":{"fr":"","en":"It forgets that the agreement of two parties is enough to create the joint control of the third, which benefits from it indirectly over its own decisions.","es":""},"correct":false,"feedback":{"fr":"","en":"Joint control is not passed on indirectly: it belongs to the parties whose unanimous consent is required for decisions about the relevant activities (IFRS 11, paras. 7 and 8). Zéphyr is not one of them in the situation described. Rule to remember: Joint control is determined party by party (IFRS 11, paras. 7 and 8).","es":""}},{"id":"C","text":{"fr":"","en":"It calls a joint venturer a party whose consent is not required, whereas it takes part in the joint venture without having joint control.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"It overlooks that the status of joint venturer depends on how long the interest has been held rather than on the requirement of consent to decisions.","es":""},"correct":false,"feedback":{"fr":"","en":"The length of the holding is not part of the definition: the joint venturer is the party that has joint control, which depends on its consent being required for decisions (IFRS 11, Appendix A). Rule to remember: Joint venturer status is read in decision rights, not in duration (IFRS 11, Appendix A).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000012","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000012","tested_point":"QST.IFRS11.000012","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"understand"},"references":["IFRS 11 §8"],"exercise":{"prompt":{"fr":"","en":"Pic SA, Roc SA and Sol SA hold 34%, 33% and 33% respectively of the voting rights of Atlas SA. Under the agreement, decisions about the relevant activities are taken at 66% or more of the voting rights (decision rule: case data). Every combination of two parties reaches this threshold. What is concluded about joint control of Atlas?","es":""},"explanation":{"fr":"","en":"Joint control exists only if decisions about the relevant activities require the unanimous consent of the parties that control collectively (IFRS 11, paras. 7 and 8). Case facts: 34 / 33 / 33% and a decision at 66%, case data and not rules of the standard. Every combination of two parties reaches 66%: several groups can decide, no party is indispensable, so there is no single group whose unanimity is required. There is no joint control; the assessment of control under IFRS 10 remains to be done. Trap: Presenting a split of votes as a threshold imposed by the standard. Rule to remember: Joint control is deduced from the decision rule and the combinations of parties (IFRS 11, paras. 7 and 8).","es":""},"common_error":{"fr":"","en":"Concluding joint control from a split of votes, without examining the combinations that reach the threshold.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"No joint control: several combinations of parties reach the 66 % voting threshold, so each party's agreement is not required.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Joint control by the three parties, because each holds about a third of the voting rights and therefore takes part in each of the decisions.","es":""},"correct":false,"feedback":{"fr":"","en":"Holding about a third of the voting rights and taking part in decisions does not create joint control: decisions must require the unanimous consent of the parties that control collectively (IFRS 11, paras. 7 and 8). Here two parties are enough to decide. Rule to remember: Taking part in decisions is not having to approve them all (IFRS 11, paras. 7 and 8).","es":""}},{"id":"C","text":{"fr":"","en":"Joint control by Pic and Roc, because these two parties together hold 67% of the voting rights, more than the decision threshold set.","es":""},"correct":false,"feedback":{"fr":"","en":"Pic and Roc reach the threshold, but so do Pic and Sol, and Roc and Sol: the agreement of Pic and Roc is therefore not required in order to decide, and their unanimity does not condition decisions (IFRS 11, paras. 7 and 8). Rule to remember: One combination reaching the threshold is not enough if others reach it too (IFRS 11, paras. 7 and 8).","es":""}},{"id":"D","text":{"fr":"","en":"Joint control by Pic, because it holds the highest percentage of voting rights and therefore prevails in the event of disagreement between parties.","es":""},"correct":false,"feedback":{"fr":"","en":"Holding 34% gives no hold over decisions: the threshold is 66% and Pic does not reach it alone (IFRS 11, paras. 7 and 8). A rank of percentage does not found joint control, which depends on the requirement of unanimous consent. Rule to remember: The highest percentage does not designate the controlling party (IFRS 11, paras. 7 and 8).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000013","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.TYPE_BY_RIGHTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000013","tested_point":"QST.IFRS11.000013","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-type"},"references":["IFRS 11","IFRS 11 §14"],"exercise":{"prompt":{"fr":"","en":"The classification of a joint arrangement as a joint operation or a joint venture depends on the rights and obligations of the parties arising from the arrangement.","es":""},"explanation":{"fr":"","en":"The entity determines the type of joint arrangement to which it is a party: classification as a joint operation (rights to assets, obligations for liabilities) or a joint venture (rights to net assets) depends on the rights and obligations of the parties arising from the arrangement (IFRS 11, para. 14). Trap: Classifying from the name of the arrangement. Rule to remember: Classification follows the parties' rights and obligations (IFRS 11, para. 14).","es":""},"common_error":{"fr":"","en":"Classifying an arrangement from its name or presentation rather than from rights and obligations.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000014","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.TYPE_BY_RIGHTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000014","tested_point":"QST.IFRS11.000014","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-type"},"references":["IFRS 11","IFRS 11 §14"],"exercise":{"prompt":{"fr":"","en":"Which statements about the classification of joint arrangements are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"A joint operation gives the parties that have joint control rights to the assets and obligations for the liabilities; a joint venture gives rights to the net assets; classification results from assessing those rights and obligations (IFRS 11, para. 14; Appendix A). Trap: Classifying from the corporate form or the sharing of results. Rule to remember: Classifying = assessing the parties' rights and obligations (IFRS 11, para. 14).","es":""},"common_error":{"fr":"","en":"Classifying a joint arrangement from its corporate form or the sharing of results.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In a joint venture, the parties that have joint control have rights to the net assets of the arrangement.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"A joint arrangement housed in a company is a joint venture, with no need to examine the rights and obligations of the parties.","es":""},"correct":false,"feedback":{"fr":"","en":"Housing the joint arrangement in a company does not spare the examination: classification depends on the parties' rights and obligations arising from the arrangement (IFRS 11, para. 14). The corporate form is an element of analysis, which the terms of the arrangement can modify. Rule to remember: Legal form does not remove the need to assess rights and obligations (IFRS 11, para. 14).","es":""}},{"id":"C","text":{"fr":"","en":"A joint arrangement whose parties share the results is a joint operation, whatever the nature of their rights.","es":""},"correct":false,"feedback":{"fr":"","en":"Sharing results does not designate a joint operation: it requires rights to the assets and obligations for the liabilities of the arrangement (IFRS 11, Appendix A). Parties can share results while having rights only to net assets. Rule to remember: Joint operation = rights to assets and obligations for liabilities (IFRS 11, Appendix A).","es":""}},{"id":"D","text":{"fr":"","en":"In a joint operation, the parties that have joint control have rights to the assets and obligations for the liabilities of the arrangement.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"Classification results from an assessment of the rights and obligations arising from the arrangement, not from the name given to it.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000015","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.TYPE_BY_RIGHTS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000015","tested_point":"QST.IFRS11.000015","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-type"},"references":["IFRS 11","IFRS 11 §14"],"exercise":{"prompt":{"fr":"","en":"Where a joint arrangement is housed in a separate company, it is classified as a joint venture, with no need to examine the rights and obligations of the parties.","es":""},"explanation":{"fr":"","en":"The entity determines the type of joint arrangement from the rights and obligations of the parties arising from the arrangement, not from the choice of a corporate vehicle alone (IFRS 11, para. 14). The parties to an arrangement housed in a company can have rights to assets and obligations for liabilities. Trap: Classifying as a joint venture any arrangement housed in a company. Rule to remember: The legal vehicle does not replace the assessment of rights and obligations (IFRS 11, para. 14).","es":""},"common_error":{"fr":"","en":"Classifying as a joint venture any arrangement housed in a company, without examining rights and obligations.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000016","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"RULE_KNOWLEDGE","context":"V1_VG.IFRS11.000001","tested_point":"VG.IFRS11.000001","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-no-vehicle"},"references":["IFRS 11 §B16"],"exercise":{"prompt":{"fr":"","en":"A joint arrangement that is not structured through a separate vehicle is a joint operation.","es":""},"explanation":{"fr":"","en":"A joint arrangement that is not structured through a separate vehicle is a joint operation (IFRS 11, para. B16). The analysis of legal form, contractual terms and other facts only makes sense when a separate vehicle exists. Trap: Looking for a form or terms where no vehicle exists. Rule to remember: No separate vehicle, joint operation (IFRS 11, para. B16).","es":""},"common_error":{"fr":"","en":"Looking for a legal form or particular terms where no separate vehicle exists.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT","reserve":true},{"key":"QST.IFRS11.000017","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"APPLICATION","context":"V1_VG.IFRS11.000001","tested_point":"VG.IFRS11.000001","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-no-vehicle"},"references":["IFRS 11 §B16"],"exercise":{"prompt":{"fr":"","en":"Rhône SA and Seine SA have joint control of a pipeline operation, governed by a contract that allocates the operation and the funding between them. No separate entity has been created to carry this operation (case facts). How is the joint arrangement classified?","es":""},"explanation":{"fr":"","en":"A joint arrangement that is not structured through a separate vehicle is a joint operation (IFRS 11, para. B16). Case facts: joint control, operation allocated by contract, no separate entity. Classification as a joint operation follows, and each party accounts for its assets, liabilities, revenues and expenses under IFRS 11, para. 20. Trap: Concluding a joint venture because control and results are shared. Rule to remember: No separate vehicle, joint operation (IFRS 11, para. B16).","es":""},"common_error":{"fr":"","en":"Concluding a joint venture because the parties share control and results.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"As a joint venture, because the two parties share control and the results of the operation of the pipeline.","es":""},"correct":false,"feedback":{"fr":"","en":"Sharing control and results is true of every joint arrangement; it does not separate a joint operation from a joint venture. Without a separate vehicle, the joint arrangement is a joint operation (IFRS 11, para. B16). Rule to remember: Sharing results does not designate the joint venture (IFRS 11, para. B16).","es":""}},{"id":"B","text":{"fr":"","en":"As a joint venture, because the contract creates in effect an entity whose net assets the parties hold, as in a company.","es":""},"correct":false,"feedback":{"fr":"","en":"A contract does not create an entity where the facts describe the absence of a separate vehicle: the joint arrangement remains a joint operation (IFRS 11, para. B16). Crediting the parties with net assets without a vehicle invents a structure that the case excludes. Rule to remember: Without a separate vehicle, no joint venture (IFRS 11, para. B16).","es":""}},{"id":"C","text":{"fr":"","en":"The classification remains undetermined until the parties have chosen the legal form of a vehicle.","es":""},"correct":false,"feedback":{"fr":"","en":"Classification does not wait for the choice of a legal form: the absence of a separate vehicle is enough to classify the joint arrangement as a joint operation (IFRS 11, para. B16). Rule to remember: The absence of a vehicle determines the classification (IFRS 11, para. B16).","es":""}},{"id":"D","text":{"fr":"","en":"As a joint operation, because the joint arrangement is not structured through a separate vehicle.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000018","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.NO_SEPARATE_VEHICLE"],"dimension":"ANALYSIS","context":"V1_QST.IFRS11.000018","tested_point":"QST.IFRS11.000018","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000004","section_id":"rule-no-vehicle"},"references":["IFRS 11 §B16"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: \"Without a separate vehicle, the North-South joint arrangement has no legal form to examine; we must therefore study its contractual terms and its other facts and circumstances before classifying it.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"A joint arrangement that is not structured through a separate vehicle is a joint operation (IFRS 11, para. B16). The examination of legal form, contractual terms and other facts and circumstances applies to arrangements structured through a separate vehicle. Trap: Carrying out the full classification analysis where no separate vehicle exists. Rule to remember: Without a separate vehicle, the conclusion is direct (IFRS 11, para. B16).","es":""},"common_error":{"fr":"","en":"Carrying out the full classification analysis where no separate vehicle exists.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It forgets that without a separate vehicle the joint arrangement is classified as a joint venture, the category retained when legal form is missing.","es":""},"correct":false,"feedback":{"fr":"","en":"The meaning is reversed: without a separate vehicle, the joint arrangement is a joint operation, not a joint venture (IFRS 11, para. B16). A joint venture, on the contrary, presupposes a separate vehicle whose parties have rights to the net assets. Rule to remember: No separate vehicle, joint operation (IFRS 11, para. B16).","es":""}},{"id":"B","text":{"fr":"","en":"It sets out to analyse form, terms and other facts, whereas the absence of a separate vehicle already leads to classifying the joint arrangement as a joint operation.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"It ignores that analysis of legal form is required even without a separate vehicle, by reference to the legal form the parties could have chosen for their vehicle.","es":""},"correct":false,"feedback":{"fr":"","en":"A hypothetical legal form is not analysed: where there is no separate vehicle, there is no form to examine and classification as a joint operation follows (IFRS 11, para. B16). Rule to remember: Only the form of a vehicle that exists is analysed (IFRS 11, para. B16).","es":""}},{"id":"D","text":{"fr":"","en":"It applies the analysis of contractual terms, reserved for joint operations, to a joint arrangement whose parties have not yet been classified.","es":""},"correct":false,"feedback":{"fr":"","en":"The analysis of contractual terms does not depend on a prior classification: it serves precisely to classify arrangements structured through a separate vehicle (IFRS 11, para. B16). Here the vehicle is missing and the question is already settled. Rule to remember: Terms and other facts matter when a separate vehicle exists (IFRS 11, para. B16).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000019","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000019","tested_point":"QST.IFRS11.000019","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"understand"},"references":["IFRS 11 §B15","IFRS 11 §17"],"exercise":{"prompt":{"fr":"","en":"When a joint arrangement is structured through a separate vehicle, on what do the parties base its classification as a joint operation or a joint venture?","es":""},"explanation":{"fr":"","en":"To assess its rights and obligations in a joint arrangement structured through a separate vehicle, the entity uses judgement, considering the legal form of the vehicle, the terms of the contractual arrangement and, when relevant, other facts and circumstances (IFRS 11, paras B15 and 17). Trap: Stopping at the legal form of the vehicle. Rule to remember: Three elements of analysis: form, terms, other facts (IFRS 11, para. 17).","es":""},"common_error":{"fr":"","en":"Stopping at the legal form of the vehicle without examining the contractual terms and other facts.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The legal form of the vehicle, which prevails even if the terms of the arrangement or other facts lead to another conclusion on the actual rights and obligations of the parties to the joint arrangement.","es":""},"correct":false,"feedback":{"fr":"","en":"Legal form is one of the elements, but it does not prevail automatically: the terms of the arrangement and other facts and circumstances can lead to a different conclusion (IFRS 11, para. 17). Stopping there ignores two of the three elements of analysis. Rule to remember: Legal form is not enough to classify (IFRS 11, para. 17).","es":""}},{"id":"B","text":{"fr":"","en":"The percentage of capital held by each party in the vehicle, set against the size of the financial commitments it has made to it.","es":""},"correct":false,"feedback":{"fr":"","en":"The percentage of capital and financial commitments are not among the classification elements: the parties assess the legal form, the contractual terms and the other facts (IFRS 11, para. B15). Rule to remember: Classification follows rights and obligations, not the capital held (IFRS 11, para. B15).","es":""}},{"id":"C","text":{"fr":"","en":"The parties' initial intention, as it appears from the project presentation documents given to their shareholders and funders.","es":""},"correct":false,"feedback":{"fr":"","en":"An announced intention is not a classification element: the assessment of rights and obligations goes through the legal form, the contractual terms and the other facts and circumstances (IFRS 11, para. 17). Rule to remember: Rights and obligations result from facts, not from stated intentions (IFRS 11, para. 17).","es":""}},{"id":"D","text":{"fr":"","en":"The legal form, the terms of the arrangement and, when relevant, other facts and circumstances.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000020","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.SEPARATE_VEHICLE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000020","tested_point":"QST.IFRS11.000020","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"understand"},"references":["IFRS 11 §B15","IFRS 11 §17"],"exercise":{"prompt":{"fr":"","en":"Which statements about the classification of a joint arrangement structured through a separate vehicle are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"For a separate vehicle, the entity uses judgement, considering legal form, the terms of the contractual arrangement and, when relevant, other facts and circumstances, in order to say whether the parties have rights to assets and obligations for liabilities or rights to net assets (IFRS 11, paras B15 and 17). Trap: Making legal form the conclusion and the other elements mere supporting documents. Rule to remember: Form, terms and other facts are assessed together (IFRS 11, para. 17).","es":""},"common_error":{"fr":"","en":"Making legal form the conclusion of the classification and the other elements mere supporting documents.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The terms of the contractual arrangement can confirm or modify the rights and obligations that the legal form would suggest.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The assessment aims to determine whether the parties have rights to assets and obligations for liabilities, or rights to net assets.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Other facts and circumstances are examined when the contractual arrangement binding the parties expressly provides for it, and set aside otherwise.","es":""},"correct":false,"feedback":{"fr":"","en":"Other facts and circumstances are taken into account when they are relevant, whatever the arrangement provides (IFRS 11, para. 17). Making their examination depend on a clause adds a condition the text does not set. Rule to remember: The relevance of facts, not a clause, commands their examination (IFRS 11, para. 17).","es":""}},{"id":"D","text":{"fr":"","en":"The legal form of the vehicle fixes the classification, the terms and other facts serving to document a conclusion already reached.","es":""},"correct":false,"feedback":{"fr":"","en":"Legal form does not fix the classification in advance: the terms of the arrangement and other facts and circumstances can lead to a different conclusion (IFRS 11, para. 17). Using them merely to document a conclusion already reached would neutralise them. Rule to remember: Form, terms and facts are assessed together (IFRS 11, para. 17).","es":""}},{"id":"E","text":{"fr":"","en":"The parties assess the legal form of the vehicle, the terms of the contractual arrangement and, when relevant, other facts and circumstances.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000022","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.LEGAL_FORM"],"dimension":"ANALYSIS","context":"V1_QST.IFRS11.000022","tested_point":"QST.IFRS11.000022","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-legal-form"},"references":["IFRS 11 §B22"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: \"The joint arrangement is housed in a public limited company, whose assets belong to the company and not to the parties; it is therefore a joint venture, with no need to read the contractual arrangement.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"The legal form of the vehicle can give the parties rights to net assets (for example a company that separates the vehicle from the parties); it is not enough on its own, because contractual terms and other facts and circumstances can modify it (IFRS 11, para. B22). The colleague wrongly dismisses reading the arrangement. Trap: Treating legal form as decisive on its own. Rule to remember: Legal form does not remove the need to read the arrangement (IFRS 11, para. B22).","es":""},"common_error":{"fr":"","en":"Treating legal form as decisive on its own.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It ignores that a public limited company is a form that leads to a joint operation, the parties having rights to the company's assets.","es":""},"correct":false,"feedback":{"fr":"","en":"A company can give the parties rights to net assets; that is not the flaw of the analysis, which lies in refusing to read the arrangement (IFRS 11, para. B22). Asserting that corporate form leads to a joint operation contradicts this principle. Rule to remember: Legal form can give rights to net assets, without being decisive (IFRS 11, para. B22).","es":""}},{"id":"B","text":{"fr":"","en":"It treats legal form as decisive, whereas the contractual terms and other facts and circumstances can modify it.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"It forgets that ownership of the assets by the company gives the parties rights to those assets, which requires a joint operation.","es":""},"correct":false,"feedback":{"fr":"","en":"Ownership of the assets by the company does not give the parties rights to those assets: it is rather consistent with rights to net assets (IFRS 11, para. B22). The criticism lies elsewhere, in the lack of examination of the arrangement. Rule to remember: The company's assets are not the parties' by form alone (IFRS 11, para. B22).","es":""}},{"id":"D","text":{"fr":"","en":"It omits to apply the equity method to the joint arrangement first, in order to check the consistency of its classification as a joint venture.","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is a consequence of classification as a joint venture, not a prior test of that classification (IFRS 11, para. B22). It does not correct the flaw in the analysis, which is the neglect of terms and facts. Rule to remember: Classify first, account afterwards (IFRS 11, para. B22).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000023","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.LEGAL_FORM"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000023","tested_point":"QST.IFRS11.000023","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-legal-form"},"references":["IFRS 11 §B22"],"exercise":{"prompt":{"fr":"","en":"Hélios SARL, a separate vehicle held by Alpha SA and Bêta SA, has a legal form that gives its members rights to its net assets and not to its assets taken one by one (case data). Examination of the contractual arrangement and of other facts and circumstances reveals nothing that modifies this situation (case data). What classification results?","es":""},"explanation":{"fr":"","en":"The legal form of the vehicle can give the parties rights to net assets; it is not enough on its own, because contractual terms and other facts can modify it (IFRS 11, para. B22). Case facts: a form conferring rights to net assets, with no term or fact modifying it (case data). The joint arrangement is therefore a joint venture. Trap: Setting aside legal form as an element of analysis. Rule to remember: Legal form confirmed by terms and facts, classification as a joint venture (IFRS 11, para. B22).","es":""},"common_error":{"fr":"","en":"Ignoring the legal form of the vehicle as an element of analysis.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"A joint operation, because the legal form of a limited liability company says nothing about the actual rights and obligations of the parties.","es":""},"correct":false,"feedback":{"fr":"","en":"Legal form is not neutral here: it gives the members rights to net assets, according to the case data (IFRS 11, para. B22). Presenting the form as silent on rights sets aside an element of the analysis. Rule to remember: A legal form can give rights to net assets (IFRS 11, para. B22).","es":""}},{"id":"B","text":{"fr":"","en":"A joint operation, because the parties have entered into a contractual arrangement that binds them, whatever its content on their rights.","es":""},"correct":false,"feedback":{"fr":"","en":"The existence of a contractual arrangement is the condition of a joint arrangement, not a criterion of the joint operation: it is the content of the terms that counts, and it modifies nothing here (IFRS 11, para. B22). Rule to remember: The rights and obligations the contract allocates are what classify (IFRS 11, para. B22).","es":""}},{"id":"C","text":{"fr":"","en":"A joint venture: the form gives rights to net assets, and nothing in the case modifies it.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"Classification is impossible until the parties have assessed the percentage of capital they hold in the company.","es":""},"correct":false,"feedback":{"fr":"","en":"Classification does not go through the percentage of capital: it results from the assessment of form, terms and other facts, all available in the case (IFRS 11, para. B22). Deferring the conclusion would add a step the analysis does not require. Rule to remember: The case elements are enough to conclude (IFRS 11, para. B22).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000024","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000024","tested_point":"QST.IFRS11.000024","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-terms"},"references":["IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"Which statements about the role of the terms of the contractual arrangement in classification are correct? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"The terms of the contractual arrangement can modify or confirm the rights and obligations that the legal form would suggest; the clauses that allocate assets, liabilities, revenues and expenses to the parties are therefore read for their content (IFRS 11, para. B26). Trap: Setting terms aside because the vehicle is a company, or adding conditions of form. Rule to remember: Terms are assessed by their content (IFRS 11, para. B26).","es":""},"common_error":{"fr":"","en":"Not reading the clauses of the arrangement that allocate assets, liabilities, revenues and expenses.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The analysis concerns the content of the arrangement's clauses, not its title or presentation.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"The clauses that allocate the assets, liabilities, revenues and expenses of the arrangement to the parties must be read.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Contractual terms count if all the parties signed them on the date the vehicle was created, and are disregarded otherwise.","es":""},"correct":false,"feedback":{"fr":"","en":"No condition of date or signature is set for taking terms into account: what counts is the content of the rights and obligations they allocate (IFRS 11, para. B26). Adding such a condition would invent a rule. Rule to remember: The content of the terms is assessed, not the circumstances of their signature (IFRS 11, para. B26).","es":""}},{"id":"D","text":{"fr":"","en":"Contractual terms have no effect on classification where the vehicle has its own legal personality.","es":""},"correct":false,"feedback":{"fr":"","en":"The vehicle's legal personality does not set the terms aside: they can modify the rights and obligations that the legal form would suggest (IFRS 11, para. B26). Setting them aside would amount to stopping at the form. Rule to remember: Contractual terms are assessed even when the vehicle is a company (IFRS 11, para. B26).","es":""}},{"id":"E","text":{"fr":"","en":"The terms of the contractual arrangement can modify or confirm the rights and obligations that the legal form would suggest.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000025","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.CONTRACTUAL_TERMS"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000025","tested_point":"QST.IFRS11.000025","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000005","section_id":"rule-terms"},"references":["IFRS 11 §B26"],"exercise":{"prompt":{"fr":"","en":"Vega SA and Rigel SA have created Arion SA, a separate company whose legal form suggests rights to net assets. The contractual arrangement nevertheless provides that each party bears half of Arion's debts and receives half of its revenues and expenses (case facts). What is concluded about the role of the contractual terms?","es":""},"explanation":{"fr":"","en":"The terms of the contractual arrangement can modify or confirm the rights and obligations that the legal form would suggest (IFRS 11, para. B26). Case facts: corporate form, but clauses placing on each party half of the debts and giving it half of the revenues and expenses. These terms point towards rights to assets and obligations for liabilities; the conclusion remains to be confirmed by the other facts. Trap: Letting legal form prevail without reading the arrangement. Rule to remember: Terms can modify what the form suggests (IFRS 11, para. B26).","es":""},"common_error":{"fr":"","en":"Letting legal form prevail over the clauses of the arrangement.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"They can modify the rights the form suggested: here they point towards rights to assets and obligations for liabilities, subject to the other facts.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"They have no bearing, the legal form of the company prevailing over the clauses of the arrangement in classifying the joint arrangement.","es":""},"correct":false,"feedback":{"fr":"","en":"Legal form does not prevail automatically over the arrangement: contractual terms can modify the rights and obligations it would suggest (IFRS 11, para. B26). Setting the clauses aside amounts to stopping at the form. Rule to remember: Terms can prevail over what the form suggests (IFRS 11, para. B26).","es":""}},{"id":"C","text":{"fr":"","en":"They confirm the joint venture, the parties' bearing of the debts being characteristic of a right to net assets.","es":""},"correct":false,"feedback":{"fr":"","en":"Bearing debts personally is an obligation for liabilities, not a right to net assets (IFRS 11, para. B26). The clause therefore runs against the form, which illustrates the possibility of modifying it. Rule to remember: An obligation for liabilities points towards a joint operation (IFRS 11, para. B26).","es":""}},{"id":"D","text":{"fr":"","en":"They are assessed in the event of a dispute between the parties, and not in order to classify the joint arrangement in their respective accounts.","es":""},"correct":false,"feedback":{"fr":"","en":"The terms of the arrangement serve precisely to assess the parties' rights and obligations in order to classify and account for them (IFRS 11, para. B26). Reserving them for disputes ignores their function in the analysis. Rule to remember: Terms are part of the classification analysis (IFRS 11, para. B26).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000028","standard_id":"IFRS11","concept_ids":["IFRS11.CLASSIFICATION.IFRIC_ENFORCEABILITY","IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000028","tested_point":"QST.IFRS11.000028","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11","IFRS 11 §14"],"exercise":{"prompt":{"fr":"","en":"Saturne SA is a party, with another company, to a joint arrangement structured through a separate vehicle. Its management argues, to classify it as a joint operation, that the arrangement was designed to supply it with the output, that it needs that output and that it has bought it for several years. No clause or fact gives it enforceable rights to the assets or legal or constructive obligations for the vehicle's liabilities (case facts). What is concluded in light of the Interpretations Committee's 2014-2015 decision?","es":""},"explanation":{"fr":"","en":"A joint operation is a joint arrangement in which the parties have rights to the assets and obligations for the liabilities (IFRS 11, Appendix A). The Interpretations Committee concluded that the assessment of other facts and circumstances concerns the existence of enforceable rights to assets and of legal or constructive obligations for liabilities, and not the design or purpose of the arrangement, the entity's needs or its past practice. Case facts: design, needs and past purchases alone; no enforceable right. Trap: Basing classification on design, needs or past practice. Rule to remember: Only enforceable rights and legal or constructive obligations found the classification (IFRS 11, para. 14 and B30; 2015 decision).","es":""},"common_error":{"fr":"","en":"Basing the conclusion on the design or purpose of the arrangement, the entity's needs or its past practice.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"These elements are enough to classify the joint arrangement as a joint operation, the design of the arrangement and Saturne's needs revealing the parties' rights to the assets.","es":""},"correct":false,"feedback":{"fr":"","en":"The design of the arrangement and the entity's needs do not create enforceable rights to assets: the Committee set these aside in favour of the existence of enforceable rights and obligations (IFRS 11, para. 14 and B30; 2015 decision). Rule to remember: A need or a purpose is not an enforceable right (IFRS 11, para. 14 and B30; 2015 decision).","es":""}},{"id":"B","text":{"fr":"","en":"Saturne's past practice creates constructive obligations for the vehicle's liabilities, which justifies on its own classification as a joint operation.","es":""},"correct":false,"feedback":{"fr":"","en":"A past practice is not in itself a constructive obligation; the Committee set past practice aside from an assessment that concerns the existence of enforceable rights and legal or constructive obligations (IFRS 11, para. 14 and B30; 2015 decision). The case describes no such obligation. Rule to remember: A buying habit does not found a classification (IFRS 11, para. 14 and B30; 2015 decision).","es":""}},{"id":"C","text":{"fr":"","en":"These elements are not enough: only enforceable rights to assets or legal or constructive obligations for liabilities found the classification.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The Committee's decision added a requirement to classify as a joint venture, which management must apply to any joint arrangement whose output is not sold to third parties.","es":""},"correct":false,"feedback":{"fr":"","en":"The Committee did not create a rule to classify as a joint venture: it referred to existing paragraphs and decided not to add the matter to its agenda (IFRS 11, para. 14 and B30; 2015 decision). An agenda decision explains the standard, it does not amend it. Rule to remember: A Committee decision explains, it does not create a new rule (IFRS 11, para. 14 and B30; 2015 decision).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000030","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000030","tested_point":"QST.IFRS11.000030","difficulty":"INTERMEDIATE","source":"V1","format":"MULTIPLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-recognition"},"references":["IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Which items does a joint operator recognise in relation to its interest in a joint operation? More than one answer is possible.","es":""},"explanation":{"fr":"","en":"In relation to its interest in a joint operation, the joint operator recognises its assets and liabilities (including its share of those held or incurred jointly), its revenue from the sale of its share of the output, its share of the revenue from the sale of the output by the joint operation, and its expenses (including its share of any expenses incurred jointly) (IFRS 11, para. 20). Trap: Accounting for a joint operation as a single investment under the equity method. Rule to remember: Five items recognised line by line (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Accounting for a joint operation as a single investment under the equity method.","es":""},"format":"MULTIPLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Its expenses, including its share of any expenses incurred jointly.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Its assets, including its share of any assets held jointly.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Its share of the net result of the joint operation, presented on a single line of the income statement.","es":""},"correct":false,"feedback":{"fr":"","en":"Net result on a single line is the equity method treatment; the joint operator recognises its revenues and expenses (IFRS 11, para. 20). Rule to remember: The joint operator presents its revenues and expenses, not a single net result (IFRS 11, para. 20).","es":""}},{"id":"D","text":{"fr":"","en":"Its liabilities, including its share of any liabilities incurred jointly.","es":""},"correct":true},{"id":"E","text":{"fr":"","en":"A single investment in the joint operation, measured using the equity method.","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is the joint venturer's method, not the joint operator's: the latter recognises its assets, liabilities, revenues and expenses (IFRS 11, para. 20). A single investment would hide the items the standard asks to be recognised line by line. Rule to remember: Joint operation: items recognised line by line, not a single investment (IFRS 11, para. 20).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000031","standard_id":"IFRS11","concept_ids":["IFRS11.JO.RECOGNITION"],"dimension":"CALCULATION","context":"V1_QST.IFRS11.000031","tested_point":"QST.IFRS11.000031","difficulty":"INTERMEDIATE","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-recognition"},"references":["IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Orca SA and Pinson SA operate a refinery together, without a separate vehicle: it is a joint operation. Under the agreement, Orca has rights to {operator_share_percent} of the assets held jointly, while its share of the output is 60% (agreed shares: case data). The jointly held installations have a carrying amount of {joint_asset_amount}. Calculate the share of the jointly held assets that Orca recognises.","es":""},"explanation":{"fr":"","en":"Method: 3,800,000 × 35% = 1,330,000. The joint operator recognises its assets, including its share of any assets held jointly (IFRS 11, para. 20); the share of the assets follows the rights the agreement gives it over those assets (35%, case data), not its share of the output (60%). Trap: Applying the output share to the asset instead of the share of rights to the assets. Rule to remember: Each item follows the share the agreement allocates to it (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Applying the output percentage, or the holding percentage, to an item whose share is fixed by the agreement.","es":""},"format":"CALCULATION","placeholders":[{"id":"joint_asset_amount","value":"3800000","unit":"EUR"},{"id":"operator_share_percent","value":"35","unit":"PERCENT"}],"data":[{"label":{"fr":"","en":"Carrying amount of the jointly held assets","es":""},"value":"3800000","unit":"EUR"},{"label":{"fr":"","en":"Orca's share of the assets (agreed rights)","es":""},"value":"35","unit":"PERCENT"}],"steps":[{"id":"OPERATOR_SHARE_OF_ASSET","label":{"fr":"","en":"Share of the assets recognised by Orca","es":""},"answer":1330000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"OPERATOR_SHARE_OF_ASSET","meaning":{"fr":"","en":"Share of the assets recognised by Orca","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Carrying amount of the jointly held assets","es":""},"value":3800000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Orca's share of the assets (agreed rights)","es":""},"value":35,"unit":"PERCENT"}],"result":1330000,"unit":"EUR"}],"rationale":{"fr":"","en":"Each item follows the share the agreement allocates to it (IFRS 11, para. 20).","es":""},"references":["REF.IFRS11.20"]}},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000033","standard_id":"IFRS11","concept_ids":["IFRS11.JO.APPLICABLE_IFRS"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000033","tested_point":"QST.IFRS11.000033","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-ifrs"},"references":["IFRS 11 §21"],"exercise":{"prompt":{"fr":"","en":"Which standard does a joint operator apply to account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation?","es":""},"explanation":{"fr":"","en":"The joint operator accounts for the assets, liabilities, revenues and expenses relating to its interest in the joint operation in accordance with the IFRSs applicable to those assets, liabilities, revenues and expenses (IFRS 11, para. 21): IFRS 15 for revenue from contracts with customers, for example. Trap: Applying IFRS 11 to the measurement of items without referring to the standard applicable to each. Rule to remember: Each item follows its own standard (IFRS 11, para. 21).","es":""},"common_error":{"fr":"","en":"Applying IFRS 11 to the measurement of items without referring to the standard applicable to each.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IFRS 11 itself, which sets the measurement and recognition rules for each item of the joint operation, with no reference to other standards.","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 11 identifies what the operator recognises, but refers to the IFRSs applicable to each item for how to do so (IFRS 11, para. 21). Giving it the measurement of each item ignores that reference. Rule to remember: IFRS 11 refers, item by item, to the applicable IFRSs (IFRS 11, para. 21).","es":""}},{"id":"B","text":{"fr":"","en":"IAS 28, by analogy with the equity method applied to interests in entities over which the investor has influence.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 28 deals with the equity method, the joint venturer's method; the joint operator accounts for its assets, liabilities, revenues and expenses under the IFRSs applicable to those items (IFRS 11, para. 21). Rule to remember: No equity method for a joint operation (IFRS 11, para. 21).","es":""}},{"id":"C","text":{"fr":"","en":"A standard that the operator chooses for the whole joint operation and applies uniformly to all the items of its interest.","es":""},"correct":false,"feedback":{"fr":"","en":"The applicable standard depends on each item (for example a tangible asset, revenue, a provision), not on a global choice by the operator (IFRS 11, para. 21). A single standard for all items would contradict that reference. Rule to remember: One standard per nature of item (IFRS 11, para. 21).","es":""}},{"id":"D","text":{"fr":"","en":"The IFRSs applicable to each asset, liability, revenue and expense, for example IFRS 15 for revenue.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000034","standard_id":"IFRS11","concept_ids":["IFRS11.JO.APPLICABLE_IFRS"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000034","tested_point":"QST.IFRS11.000034","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-ifrs"},"references":["IFRS 11 §21"],"exercise":{"prompt":{"fr":"","en":"Orca SA, a joint operator of a joint operation, recognises its share of an industrial installation held jointly, which is an item of property, plant and equipment (case facts). Which standard governs the measurement of this share of the asset?","es":""},"explanation":{"fr":"","en":"The joint operator accounts for the assets relating to its interest in the joint operation in accordance with the IFRSs applicable to those assets (IFRS 11, para. 21); the share of an item of property, plant and equipment therefore falls under IAS 16. Case facts: jointly held industrial installation, property, plant and equipment. Trap: Looking in IFRS 11 for the measurement rules of the asset. Rule to remember: IFRS 11 refers to the standard of the item concerned (IFRS 11, para. 21).","es":""},"common_error":{"fr":"","en":"Looking in IFRS 11 for the measurement rules of an asset of the joint operation.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"IFRS 11, which contains the measurement rules for property, plant and equipment held within a joint operation.","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 11 designates the items to recognise and refers to the IFRSs applicable to each: it contains no measurement rules for property, plant and equipment (IFRS 11, para. 21). Rule to remember: The measurement of an asset of a joint operation falls under the standard for that asset (IFRS 11, para. 21).","es":""}},{"id":"B","text":{"fr":"","en":"IAS 16, as the joint operator applies the IFRSs relevant to each asset of its interest.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"IAS 28, the share of a jointly held installation being measured like an investment in an associate.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 28 concerns the equity method for associates and joint ventures; a share of a jointly held installation is not an investment accounted for under the equity method (IFRS 11, para. 21). Rule to remember: The asset follows the standard for assets of its nature (IFRS 11, para. 21).","es":""}},{"id":"D","text":{"fr":"","en":"IFRS 3, the installation being measured as in a business combination since it is held with the other parties to the arrangement.","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 3 does not apply to every holding with other parties: the measurement of the installation falls under the standard for property, plant and equipment (IFRS 11, para. 21). Holding an asset with other parties does not change its measurement standard. Rule to remember: Holding with others does not change the asset's standard (IFRS 11, para. 21).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000036","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000036","tested_point":"QST.IFRS11.000036","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-party-no-jc"},"references":["IFRS 11 §23"],"exercise":{"prompt":{"fr":"","en":"A party that takes part in a joint operation without having joint control accounts for its interest using the joint operator's rules where it has rights to the assets and obligations for the liabilities of the joint operation.","es":""},"explanation":{"fr":"","en":"A party that takes part in a joint operation without having joint control also accounts for its interest under the joint operator's rules where it has rights to the assets and obligations for the liabilities of the joint operation; otherwise it applies the IFRSs applicable to its interest (IFRS 11, para. 23). Trap: Excluding the recognition of assets and liabilities as soon as the party lacks joint control. Rule to remember: It is rights and obligations, not joint control, that command line-by-line recognition (IFRS 11, para. 23).","es":""},"common_error":{"fr":"","en":"Excluding the recognition of assets and liabilities as soon as the party lacks joint control.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000037","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000037","tested_point":"QST.IFRS11.000037","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-party-no-jc"},"references":["IFRS 11 §23"],"exercise":{"prompt":{"fr":"","en":"Nova SA holds a 10% interest in a joint operation, without having joint control. The agreement gives it neither rights to the assets nor obligations for the liabilities of the joint operation (case facts). How does Nova account for its interest?","es":""},"explanation":{"fr":"","en":"A party that takes part in a joint operation without having joint control applies the joint operator's rules where it has rights to the assets and obligations for the liabilities; otherwise it applies the IFRSs applicable to its interest (IFRS 11, para. 23). Case facts: 10%, neither rights to the assets nor obligations for the liabilities. Nova therefore applies the IFRSs applicable to its interest. Trap: Applying the joint operator's rule automatically. Rule to remember: Rights and obligations condition line-by-line accounting (IFRS 11, para. 23).","es":""},"common_error":{"fr":"","en":"Applying the joint operator's accounting automatically to a party without joint control, without checking its rights and obligations.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Like a joint operator, line by line, because every party to a joint operation applies its rules whatever the exact nature of its rights.","es":""},"correct":false,"feedback":{"fr":"","en":"Line-by-line accounting presupposes rights to the assets and obligations for the liabilities of the joint operation (IFRS 11, para. 23). Here the case excludes them: the party therefore does not apply the joint operator's rules. Rule to remember: No rights or obligations, no line-by-line accounting (IFRS 11, para. 23).","es":""}},{"id":"B","text":{"fr":"","en":"Using the equity method under IAS 28, because the 10% interest reflects an influence that the standard treats like a joint venturer's.","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is the method for joint ventures and associates, not for an interest in a joint operation without rights to assets or obligations (IFRS 11, para. 23). The 10% level does not create significant influence. Rule to remember: A joint operation is not equity accounted (IFRS 11, para. 23).","es":""}},{"id":"C","text":{"fr":"","en":"It does not account for it until it obtains joint control, the interest staying off its balance sheet until that date.","es":""},"correct":false,"feedback":{"fr":"","en":"The interest is accounted for: the lack of joint control does not keep it off balance sheet, the party applying the IFRSs applicable to its interest (IFRS 11, para. 23). Waiting for joint control is not an option. Rule to remember: An interest without joint control is accounted for all the same (IFRS 11, para. 23).","es":""}},{"id":"D","text":{"fr":"","en":"In accordance with the IFRSs applicable to its interest, since the conditions for accounting asset by asset and liability by liability are not met.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000038","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"CALCULATION","context":"V1_VG.IFRS11.000003","tested_point":"VG.IFRS11.000003","difficulty":"ADVANCED","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-sale"},"references":["IFRS 11 §22","IFRS 11 §B34"],"exercise":{"prompt":{"fr":"","en":"Orca SA, a joint operator, sells an item of equipment to the joint operation that it runs with other parties. The total gain on the sale is {total_gain_on_sale}. The other parties' interests in the joint operation represent {other_parties_percent} (case data). Calculate the gain recognised by Orca and the gain that is not recognised.","es":""},"explanation":{"fr":"","en":"Method: 200,000 × 60% = 120,000 of gain recognised; 200,000 − 120,000 = 80,000 not recognised. By selling to the joint operation, the operator is in effect transacting with the other parties: it recognises the gain only to the extent of their interests (IFRS 11, paras. 22 and B34). Trap: Recognising the whole gain on the sale to the joint operation. Rule to remember: Gain recognised = total gain × other parties' interests (IFRS 11, para. 22).","es":""},"common_error":{"fr":"","en":"Recognising the whole gain on the sale to the joint operation.","es":""},"format":"CALCULATION","placeholders":[{"id":"total_gain_on_sale","value":"200000","unit":"EUR"},{"id":"other_parties_percent","value":"60","unit":"PERCENT"}],"data":[{"label":{"fr":"","en":"Total gain on the sale","es":""},"value":"200000","unit":"EUR"},{"label":{"fr":"","en":"Other parties' interests in the joint operation","es":""},"value":"60","unit":"PERCENT"}],"steps":[{"id":"GAIN_RECOGNISED","label":{"fr":"","en":"Gain recognised by Orca","es":""},"answer":120000,"tolerance":0,"unit":"EUR"},{"id":"GAIN_NOT_RECOGNISED","label":{"fr":"","en":"Gain not recognised","es":""},"answer":80000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"GAIN_RECOGNISED","meaning":{"fr":"","en":"Gain recognised by Orca","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Total gain on the sale","es":""},"value":200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Other parties' interests in the joint operation","es":""},"value":60,"unit":"PERCENT"}],"result":120000,"unit":"EUR"},{"step":"GAIN_NOT_RECOGNISED","meaning":{"fr":"","en":"Gain not recognised","es":""},"expression":"a - b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Total gain on the sale","es":""},"value":200000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Gain recognised by Orca","es":""},"value":120000,"unit":"EUR"}],"result":80000,"unit":"EUR"}],"rationale":{"fr":"","en":"Gain recognised = total gain × other parties' interests (IFRS 11, para. 22).","es":""},"references":["REF.IFRS11.22","REF.IFRS11.B34"]}},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000039","standard_id":"IFRS11","concept_ids":["IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"ANALYSIS","context":"V1_VG.IFRS11.000003","tested_point":"VG.IFRS11.000003","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-sale"},"references":["IFRS 11 §22"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: \"Orca, a joint operator, sells an item of equipment to the joint operation at a gain of 150,000; it recognises the whole gain, since the sale is made with an entity separate from itself.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"When a joint operator enters into a transaction with the joint operation, such as a sale or contribution of assets, it is in effect transacting with the other parties: it recognises gains and losses resulting from the transaction only to the extent of the other parties' interests in the joint operation (IFRS 11, para. 22). Trap: Recognising the whole gain. Rule to remember: Gain limited to the other parties' interests (IFRS 11, para. 22).","es":""},"common_error":{"fr":"","en":"Recognising the whole gain on the sale to the joint operation.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It forgets that by selling to the joint operation, the operator is in effect transacting with the other parties: the gain is recognised only to the extent of their interests.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"It forgets that the gain on a sale to the joint operation is deferred in full until the joint operation is wound up, whatever the operator's holding percentage.","es":""},"correct":false,"feedback":{"fr":"","en":"The gain is not deferred in full: the part corresponding to the other parties' interests is recognised, and the operator's own part is the one that is not (IFRS 11, para. 22). Claiming a full deferral until winding up adds a rule absent from the text. Rule to remember: The gain is recognised to the extent of the other parties' interests (IFRS 11, para. 22).","es":""}},{"id":"C","text":{"fr":"","en":"It applies the equity method to a sale transaction, whereas the joint operator must include the gain in its share of profit.","es":""},"correct":false,"feedback":{"fr":"","en":"The joint operator does not equity account the joint operation: it recognises its assets, liabilities, revenues and expenses, and paragraph 22 governs the gain on transactions with the joint operation (IFRS 11, para. 22). Rule to remember: Transaction with the joint operation: gain limited to the other parties' interests (IFRS 11, para. 22).","es":""}},{"id":"D","text":{"fr":"","en":"It overlooks that the gain is computed on the equipment's carrying amount in the buyer's books, not on the sale price agreed between the parties.","es":""},"correct":false,"feedback":{"fr":"","en":"The gain results from the difference between the sale price and the seller's carrying amount; the limit in paragraph 22 concerns the part recognised, not the basis of calculation (IFRS 11, para. 22). Rule to remember: The limit applies to the gain, not to how it is computed (IFRS 11, para. 22).","es":""}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"QST.IFRS11.000040","standard_id":"IFRS11","concept_ids":["IFRS11.JO.ACQUISITION_OF_INTEREST"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000040","tested_point":"QST.IFRS11.000040","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-acquisition"},"references":["IFRS 11 §21A","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Boréal SA acquires a 30% interest in a joint operation whose activity is a mine in production, with its inputs, processes and output; the analysis shows that it is a business within the meaning of IFRS 3 (case facts). What must Boréal apply to the acquisition of its interest?","es":""},"explanation":{"fr":"","en":"When an entity acquires an interest in a joint operation whose activity constitutes a business as defined in IFRS 3, it applies the principles on business combination accounting in IFRS 3 and in other IFRSs that do not conflict with IFRS 11, and provides the disclosures required by those standards (IFRS 11, para. 21A). Case facts: a mine in production with inputs, processes and output, assessed as a business (judgement established by the case). Trap: Applying IFRS 3 without having checked that the activity is a business. Rule to remember: First the business assessment, then the IFRS 3 principles (IFRS 11, para. 21A).","es":""},"common_error":{"fr":"","en":"Applying the principles of IFRS 3 without having checked that the activity is a business.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The principles of IFRS 3 are set aside, the acquisition of an interest in a joint operation being treated as the acquisition of a single asset at original cost, without recognising the identifiable assets and liabilities.","es":""},"correct":false,"feedback":{"fr":"","en":"The acquisition of an interest in a joint operation that is a business falls under the principles of IFRS 3: the case establishes precisely that the activity is a business (IFRS 11, para. 21A). Treatment as a single asset ignores that rule. Rule to remember: Joint operation that is a business: IFRS 3 principles (IFRS 11, para. 21A).","es":""}},{"id":"B","text":{"fr":"","en":"The principles of IFRS 3 with no need to check that the activity is a business, that status being given for any joint operation.","es":""},"correct":false,"feedback":{"fr":"","en":"The principles of IFRS 3 apply when the activity constitutes a business: that status is checked, not assumed in advance (IFRS 11, para. 21A). In the case, the check has been made. Rule to remember: First check that the activity is a business (IFRS 11, para. 21A).","es":""}},{"id":"C","text":{"fr":"","en":"The principles on business combination accounting in IFRS 3 and in other IFRSs that do not conflict with IFRS 11, with the disclosures required by those standards.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"The equity method under IAS 28 on the interest acquired, the joint operation being presented as a single investment.","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is not the method for a joint operation: the acquirer applies the principles of IFRS 3 to its acquisition where the activity is a business (IFRS 11, para. 21A). Rule to remember: Joint operation, no equity method (IFRS 11, para. 21A).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000041","standard_id":"IFRS11","concept_ids":["IFRS11.JO.PREVIOUSLY_HELD_INTEREST"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000041","tested_point":"QST.IFRS11.000041","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-previously-held"},"references":["IFRS 11 §B33CA"],"exercise":{"prompt":{"fr":"","en":"A party without joint control of a joint operation that is a business subsequently obtains joint control of that operation. What happens to the interest it previously held?","es":""},"explanation":{"fr":"","en":"When a party without joint control of a joint operation that is a business obtains joint control, the previously held interests are not remeasured; conversely, obtaining control of a joint operation that is a business falls under IFRS 3, with remeasurement of the held interest (IFRS 11, para. B33CA; IFRS 3, para. 42A). Trap: Remeasuring previously held interests to fair value on obtaining joint control alone. Rule to remember: Joint control: no remeasurement of the held interest (IFRS 11, para. B33CA).","es":""},"common_error":{"fr":"","en":"Remeasuring previously held interests to fair value on obtaining joint control alone.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It is remeasured to fair value at the date joint control is obtained, as on any acquisition of control of a business.","es":""},"correct":false,"feedback":{"fr":"","en":"Remeasurement to fair value is that of obtaining control of a business (IFRS 3), not of obtaining joint control (IFRS 11, para. B33CA). Treating the two situations alike erases the distinction the standard draws. Rule to remember: Joint control: no remeasurement; control: remeasurement (IFRS 11, para. B33CA).","es":""}},{"id":"B","text":{"fr":"","en":"It is derecognised and then recognised again at cost, obtaining joint control being a new acquisition of assets.","es":""},"correct":false,"feedback":{"fr":"","en":"Obtaining joint control does not derecognise the previously held interest: it is not remeasured (IFRS 11, para. B33CA). Seeing a new acquisition would add a treatment the standard does not require. Rule to remember: The previously held interest is kept as it stands (IFRS 11, para. B33CA).","es":""}},{"id":"C","text":{"fr":"","en":"It is not remeasured; remeasurement of a previously held interest belongs to obtaining control of the business, under IFRS 3.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"It is remeasured to the higher of its carrying amount and fair value, the difference going to equity.","es":""},"correct":false,"feedback":{"fr":"","en":"No remeasurement is provided for when joint control is obtained, and no difference goes to equity on that account (IFRS 11, para. B33CA). Rule to remember: No remeasurement, so no remeasurement difference (IFRS 11, para. B33CA).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000042","standard_id":"IFRS11","concept_ids":["IFRS11.JO.LIABILITIES_PRIMARY_OBLIGOR","IFRS11.JO.RECOGNITION"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000042","tested_point":"QST.IFRS11.000042","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-recognition"},"references":["IFRS 11","IFRS 11 §20"],"exercise":{"prompt":{"fr":"","en":"Orca SA, a joint operator, is the principal lessee under a lease of equipment used by the joint operation; the other parties reimburse it for their share of the lease payments (case facts). What is concluded in light of the Interpretations Committee's 2019 decision on a joint operator's liabilities?","es":""},"explanation":{"fr":"","en":"A joint operator recognises, in relation to its interest in a joint operation, its liabilities, including its share of any liabilities incurred jointly (IFRS 11, para. 20). The Interpretations Committee finalised a decision in March 2019 under which those liabilities include those for which the operator is primarily responsible, for example as principal lessee under a lease. Case facts: Orca is principal lessee, with reimbursement from the other parties. Trap: Recognising only the share of liabilities when the joint operator is primarily responsible for the liability. Rule to remember: The liability for which the operator is primarily responsible is recognised (IFRS 11, para. 20).","es":""},"common_error":{"fr":"","en":"Recognising only the share of liabilities when the joint operator is primarily responsible for the liability.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Orca recognises the liability for which it is primarily responsible as principal lessee, and does not limit itself to the share that falls to it.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"Orca recognises its share of the lease payments, the part reimbursed by the other parties being excluded from its liabilities because of that reimbursement expected from the other parties.","es":""},"correct":false,"feedback":{"fr":"","en":"The expected reimbursement from the other parties does not reduce the liability for which Orca is primarily responsible: the joint operator recognises its liabilities, including those for which it is primarily responsible (IFRS 11, para. 20). Limiting the liability to the share ignores that responsibility. Rule to remember: The primary obligor's liability is recognised in full (IFRS 11, para. 20).","es":""}},{"id":"C","text":{"fr":"","en":"Orca recognises nothing until the joint operation has paid the first lease payment, the liability then belonging to the joint operation.","es":""},"correct":false,"feedback":{"fr":"","en":"The joint operator recognises its liabilities as soon as it is primarily responsible for them: it does not wait for the joint operation's first payment (IFRS 11, para. 20). Rule to remember: Primary responsibility is what triggers recognition of the liability (IFRS 11, para. 20).","es":""}},{"id":"D","text":{"fr":"","en":"The liability is recognised by the joint operation, in which Orca holds an interest that it equity accounts in its own books.","es":""},"correct":false,"feedback":{"fr":"","en":"The joint operator does not equity account a joint operation: it recognises its own liabilities, including those for which it is primarily responsible (IFRS 11, para. 20). Rule to remember: Joint operation: line-by-line recognition, no equity method (IFRS 11, para. 20).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000043","standard_id":"IFRS11","concept_ids":["IFRS11.JO.SALE_OF_OUTPUT","IFRS11.JO.APPLICABLE_IFRS"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000043","tested_point":"QST.IFRS11.000043","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000007","section_id":"rule-ifrs"},"references":["IFRS 11","IFRS 11 §21"],"exercise":{"prompt":{"fr":"","en":"Orca SA, a joint operator, is entitled to 50% of the output of a joint operation. During the period it received more output than its entitlement and sold part of what it received to its customers (case facts). On what basis does it recognise its revenue for the period, in light of the Interpretations Committee's 2019 decision?","es":""},"explanation":{"fr":"","en":"The joint operator accounts for the revenue relating to its interest in accordance with the applicable IFRSs (IFRS 11, para. 21), hence under IFRS 15 for revenue from contracts with customers. The Interpretations Committee finalised a decision in March 2019 under which, where the output received differs from its entitlement, the operator recognises revenue that reflects the transfer of the output to its customers for each period. Case facts: 50% entitlement, more output received, sales to customers for part of it. Trap: Recognising revenue on the basis of theoretical entitlement rather than on the transfer of output to customers. Rule to remember: Revenue reflects transfer to customers (IFRS 11, para. 21).","es":""},"common_error":{"fr":"","en":"Recognising revenue on the basis of theoretical entitlement rather than on the transfer of output to customers.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"On its 50% entitlement to the output, whatever volume was actually received or sold to customers during the period.","es":""},"correct":false,"feedback":{"fr":"","en":"The theoretical entitlement does not determine revenue: the Committee held that revenue reflects the transfer of the output to customers for each period, applying IFRS 15 (IFRS 11, para. 21). Relying on the 50% entitlement would ignore the difference with the output received. Rule to remember: Revenue follows transfer to customers, not entitlement (IFRS 11, para. 21).","es":""}},{"id":"B","text":{"fr":"","en":"On the output received from the joint operation, as soon as it is received, before any sale to a customer and regardless of the transfer of control to customers.","es":""},"correct":false,"feedback":{"fr":"","en":"Receiving output is not selling it: revenue is recognised when transfer to customers occurs, under IFRS 15 (IFRS 11, para. 21). Merely having received a volume creates no revenue. Rule to remember: No revenue without transfer to customers (IFRS 11, para. 21).","es":""}},{"id":"C","text":{"fr":"","en":"On the average of the volumes received and the 50% entitlement, in order to smooth output differences between successive periods.","es":""},"correct":false,"feedback":{"fr":"","en":"No averaging is provided for: IFRS 15, applicable to the joint operator's revenue (IFRS 11, para. 21), applies period by period to the transfer to customers. Smoothing between periods would invent a treatment. Rule to remember: Revenue is assessed period by period (IFRS 11, para. 21).","es":""}},{"id":"D","text":{"fr":"","en":"On the transfer of the output to its customers, under IFRS 15.","es":""},"correct":true}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000044","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000044","tested_point":"QST.IFRS11.000044","difficulty":"BEGINNER","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-equity"},"references":["IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"A joint venturer accounts for its interest in a joint venture by including, line by line, its share of the joint venture's assets and liabilities in its own financial statements.","es":""},"explanation":{"fr":"","en":"A joint venturer accounts for its interest in a joint venture as an investment, using the equity method described in IAS 28, unless it is exempted from applying it (IFRS 11, para. 24). Including its share of assets and liabilities line by line would be proportionate consolidation, which the standard does not provide for a joint venture. Trap: Applying the line-by-line share to a joint venture. Rule to remember: Joint venture: investment accounted for under the equity method (IFRS 11, para. 24).","es":""},"common_error":{"fr":"","en":"Including line by line the share of the assets and liabilities of a joint venture (proportionate consolidation).","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000045","standard_id":"IFRS11","concept_ids":["IFRS11.JV.EQUITY_METHOD"],"dimension":"CALCULATION","context":"V1_VG.IFRS11.000002","tested_point":"VG.IFRS11.000002","difficulty":"INTERMEDIATE","source":"V1","format":"NUMERICAL","estimated_time_s":200,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-equity"},"references":["IFRS 11 §24"],"exercise":{"prompt":{"fr":"","en":"Solis SA holds {venturer_percent} of a joint venture accounted for using the equity method. Carrying amount at the beginning of the year: {opening_carrying_amount}. During the year, the joint venture reports a profit of {jv_profit}; Solis's share of its other comprehensive income is {share_of_oci}; Solis receives {dividends_received} in dividends (case data). Case convention: no fair value adjustment or goodwill, no impairment. Calculate the share of profit and the closing carrying amount of the interest.","es":""},"explanation":{"fr":"","en":"Method: 640,000 × 45% = 288,000; closing amount 2,150,000 + 288,000 + 54,000 − 90,000 = 2,402,000. The joint venturer accounts for its interest using the equity method under IAS 28 (IFRS 11, para. 24): the carrying amount rises by the share of profit and of other comprehensive income, and falls by dividends received. Trap: Recognising the dividend as income instead of reducing the carrying amount. Rule to remember: Closing amount = opening + share of profit + share of other comprehensive income − dividends (IFRS 11, para. 24).","es":""},"common_error":{"fr":"","en":"Recognising the dividend received as income instead of reducing the carrying amount of the investment.","es":""},"format":"CALCULATION","placeholders":[{"id":"opening_carrying_amount","value":"2150000","unit":"EUR"},{"id":"jv_profit","value":"640000","unit":"EUR"},{"id":"venturer_percent","value":"45","unit":"PERCENT"},{"id":"share_of_oci","value":"54000","unit":"EUR"},{"id":"dividends_received","value":"90000","unit":"EUR"}],"data":[{"label":{"fr":"","en":"Opening carrying amount","es":""},"value":"2150000","unit":"EUR"},{"label":{"fr":"","en":"Profit of the joint venture","es":""},"value":"640000","unit":"EUR"},{"label":{"fr":"","en":"Solis's percentage","es":""},"value":"45","unit":"PERCENT"},{"label":{"fr":"","en":"Solis's share of other comprehensive income","es":""},"value":"54000","unit":"EUR"},{"label":{"fr":"","en":"Dividends received","es":""},"value":"90000","unit":"EUR"}],"steps":[{"id":"SHARE_OF_PROFIT","label":{"fr":"","en":"Share of profit","es":""},"answer":288000,"tolerance":0,"unit":"EUR"},{"id":"CLOSING_CARRYING_AMOUNT","label":{"fr":"","en":"Closing carrying amount","es":""},"answer":2402000,"tolerance":0,"unit":"EUR"}],"formula":{"lines":[{"step":"SHARE_OF_PROFIT","meaning":{"fr":"","en":"Share of profit","es":""},"expression":"a * b","variables":[{"symbol":"a","meaning":{"fr":"","en":"Profit of the joint venture","es":""},"value":640000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Solis's percentage","es":""},"value":45,"unit":"PERCENT"}],"result":288000,"unit":"EUR"},{"step":"CLOSING_CARRYING_AMOUNT","meaning":{"fr":"","en":"Closing carrying amount","es":""},"expression":"a + b + c - d","variables":[{"symbol":"a","meaning":{"fr":"","en":"Opening carrying amount","es":""},"value":2150000,"unit":"EUR"},{"symbol":"b","meaning":{"fr":"","en":"Share of profit","es":""},"value":288000,"unit":"EUR"},{"symbol":"c","meaning":{"fr":"","en":"Solis's share of other comprehensive income","es":""},"value":54000,"unit":"EUR"},{"symbol":"d","meaning":{"fr":"","en":"Dividends received","es":""},"value":90000,"unit":"EUR"}],"result":2402000,"unit":"EUR"}],"rationale":{"fr":"","en":"Closing amount = opening + share of profit + share of other comprehensive income − dividends (IFRS 11, para. 24).","es":""},"references":["REF.IFRS11.24"]}},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000047","standard_id":"IFRS11","concept_ids":["IFRS11.JV.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"APPLICATION","context":"V1_VG.IFRS11.000007","tested_point":"VG.IFRS11.000007","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-no-jc"},"references":["IFRS 11 §25"],"exercise":{"prompt":{"fr":"","en":"Kappa SA takes part in a joint venture without having joint control. It sits on the board and takes part in the joint venture's financial and operating policy decisions; the analysis of those facts concludes that it has significant influence (judgement established by the case). How does Kappa account for its interest?","es":""},"explanation":{"fr":"","en":"A party that takes part in a joint venture without having joint control accounts for its interest under IFRS 9, unless it has significant influence, in which case it applies IAS 28 (IFRS 11, para. 25). Case facts: no joint control, but significant influence established by the analysis (professional judgement). Kappa therefore applies IAS 28. Trap: Applying the equity method to every party without joint control, or to none. Rule to remember: Significant influence decides between IFRS 9 and IAS 28 (IFRS 11, para. 25).","es":""},"common_error":{"fr":"","en":"Applying the equity method to every party without joint control, without looking for significant influence.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Under IFRS 9, because a party without joint control applies that standard whatever its influence over the joint venture.","es":""},"correct":false,"feedback":{"fr":"","en":"Applying IFRS 9 is the default rule, but it gives way where the party has significant influence (IFRS 11, para. 25). The case establishes that influence: applying IFRS 9 would ignore it. Rule to remember: Significant influence: IAS 28; otherwise IFRS 9 (IFRS 11, para. 25).","es":""}},{"id":"B","text":{"fr":"","en":"Under IAS 28, that is, using the equity method, because it has significant influence over the joint venture.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Line by line like a joint operator, its participation in decisions giving it rights to the assets.","es":""},"correct":false,"feedback":{"fr":"","en":"Line-by-line accounting is that of a joint operation; for a joint venture, the party without joint control applies IFRS 9 or IAS 28 (IFRS 11, para. 25). Taking part in decisions does not give rights to the assets. Rule to remember: A joint venture is not accounted for line by line (IFRS 11, para. 25).","es":""}},{"id":"D","text":{"fr":"","en":"At cost, because a party without joint control can neither equity account nor measure its interest at fair value.","es":""},"correct":false,"feedback":{"fr":"","en":"The standard does not provide for cost for this party: it applies IFRS 9, or IAS 28 if it has significant influence (IFRS 11, para. 25). Restricting its options to cost would invent a treatment. Rule to remember: Two routes: IFRS 9 or IAS 28 (IFRS 11, para. 25).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000048","standard_id":"IFRS11","concept_ids":["IFRS11.JV.PARTY_WITHOUT_JOINT_CONTROL"],"dimension":"ANALYSIS","context":"V1_VG.IFRS11.000007","tested_point":"VG.IFRS11.000007","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-no-jc"},"references":["IFRS 11 §25"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: \"A party that does not have joint control of a joint venture applies IFRS 9 to its interest; it does not have to look for whether it has significant influence.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"A party that takes part in a joint venture without having joint control accounts for its interest under IFRS 9, unless it has significant influence, in which case it applies IAS 28 (IFRS 11, para. 25). The colleague forgets the exception. Trap: Applying the equity method to every party without joint control, or never looking for significant influence. Rule to remember: IFRS 9, unless significant influence: then IAS 28 (IFRS 11, para. 25).","es":""},"common_error":{"fr":"","en":"Forgetting to look for significant influence in a party without joint control.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It forgets that the equity method is reserved for joint venturers, so a party without joint control must use cost for its interest.","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is not reserved for joint venturers: a party without joint control that has significant influence applies IAS 28 (IFRS 11, para. 25). Cost is not the method provided for this party. Rule to remember: Significant influence opens the equity method (IFRS 11, para. 25).","es":""}},{"id":"B","text":{"fr":"","en":"It applies to the joint venture the rule for a joint operation, which requires the arrangement's assets and liabilities to be recognised line by line.","es":""},"correct":false,"feedback":{"fr":"","en":"The colleague reasons correctly about a joint venture; line-by-line accounting is that of a joint operation and is not at issue here (IFRS 11, para. 25). The error is forgetting significant influence. Rule to remember: Joint venture: IFRS 9 or IAS 28 for the party without joint control (IFRS 11, para. 25).","es":""}},{"id":"C","text":{"fr":"","en":"It makes the equity method depend on the percentage the party holds, without examining its influence over the joint venture's decisions.","es":""},"correct":false,"feedback":{"fr":"","en":"It is not the percentage held that commands the method, but the existence of significant influence, assessed on the facts (IFRS 11, para. 25). Making the method depend on a percentage would set a threshold the standard does not. Rule to remember: Significant influence is assessed, not deduced from a figure (IFRS 11, para. 25).","es":""}},{"id":"D","text":{"fr":"","en":"It omits that the party applies IFRS 9 unless it has significant influence, in which case it applies IAS 28 and equity accounts its interest.","es":""},"correct":true}]},"scope":"CORE_STUDENT","reserve":true},{"key":"QST.IFRS11.000049","standard_id":"IFRS11","concept_ids":["IFRS11.SEPARATE.JOINT_OPERATION"],"dimension":"RULE_KNOWLEDGE","context":"V1_VG.IFRS11.000005","tested_point":"VG.IFRS11.000005","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-separate-jo"},"references":["IFRS 11 §26","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"In its separate financial statements, the joint operator recognises its shares of assets, liabilities, revenues and expenses, and in addition its interest in the separate vehicle, at cost or at fair value.","es":""},"explanation":{"fr":"","en":"In its separate financial statements, the joint operator accounts for its interest in a joint operation under paragraphs 20 to 22 (IFRS 11, para. 26). The Interpretations Committee observed in 2015 that the joint operator's rights and obligations are the same in its consolidated and separate statements: the accounting is identical and it does not additionally recognise its interest in the separate vehicle, at cost or at fair value. Trap: Recognising the investment in the vehicle at cost in addition to the shares. Rule to remember: Same accounting, consolidated or separate, for the joint operator (IFRS 11, para. 26).","es":""},"common_error":{"fr":"","en":"Recognising the investment in the vehicle at cost in the separate financial statements, in addition to the shares.","es":""},"format":"TRUE_FALSE","answer":false},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000050","standard_id":"IFRS11","concept_ids":["IFRS11.SEPARATE.JOINT_OPERATION"],"dimension":"APPLICATION","context":"V1_VG.IFRS11.000005","tested_point":"VG.IFRS11.000005","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":130,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-separate-jo"},"references":["IFRS 11 §26","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Orca SA is a joint operator of a joint operation carried by a separate vehicle. In its consolidated statements, it recognises its shares of assets, liabilities, revenues and expenses. For its separate statements, its finance team proposes to additionally recognise its interest in the vehicle at cost (case facts). What is concluded in light of the Interpretations Committee's 2015 decision?","es":""},"explanation":{"fr":"","en":"In its separate financial statements, the joint operator accounts for its interest in a joint operation under paragraphs 20 to 22 (IFRS 11, para. 26). The Interpretations Committee observed in 2015 that its rights and obligations are the same in consolidated and separate statements: the accounting is identical, and it does not additionally recognise its interest in the separate vehicle, at cost or at fair value. Case facts: proposal to add the interest at cost. Trap: Adding the interest at cost to the shares. Rule to remember: The shares are enough, consolidated or separate (IFRS 11, para. 26).","es":""},"common_error":{"fr":"","en":"Recognising the investment in the vehicle at cost in the separate financial statements in addition to the shares.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The interest in the vehicle is recognised at cost in the separate statements, which follow a logic of their own distinct from that of the joint operator's consolidated statements.","es":""},"correct":false,"feedback":{"fr":"","en":"Separate statements have no logic of their own for the joint operator: its rights and obligations are the same as in the consolidated statements, so the accounting is too (IFRS 11, para. 26). Adding the cost of the interest doubles what is already recognised line by line. Rule to remember: Same rights and obligations, same accounting (IFRS 11, para. 26).","es":""}},{"id":"B","text":{"fr":"","en":"Orca's rights and obligations being the same in both sets of statements, the accounting is identical and the interest in the vehicle is not recognised in addition.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"The interest in the vehicle is recognised at fair value in place of the shares, the separate statements having to reflect a single investment.","es":""},"correct":false,"feedback":{"fr":"","en":"Replacing the shares with a single investment at fair value contradicts paragraph 26, which refers to paragraphs 20 to 22 for the joint operator's separate statements (IFRS 11, para. 26). Rule to remember: The joint operator keeps its shares in separate statements (IFRS 11, para. 26).","es":""}},{"id":"D","text":{"fr":"","en":"Orca freely chooses, each year, between the shares and the interest at cost, the standard leaving that policy choice to separate statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The case describes no policy choice: paragraph 26 refers to paragraphs 20 to 22 for the joint operator, and the Committee's decision rules out the additional interest (IFRS 11, para. 26). Presenting an annual choice would invent an option. Rule to remember: No option for the joint operator in separate statements (IFRS 11, para. 26).","es":""}}]},"scope":"CORE_STUDENT","reserve":true},{"key":"QST.IFRS11.000051","standard_id":"IFRS11","concept_ids":["IFRS11.SEPARATE.JOINT_VENTURE"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000051","tested_point":"QST.IFRS11.000051","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000011","section_id":"rule-separate-jv"},"references":["IFRS 11 §26","IFRS 11 §27"],"exercise":{"prompt":{"fr":"","en":"In its separate financial statements, how does a joint venturer account for its interest in a joint venture?","es":""},"explanation":{"fr":"","en":"In its separate financial statements, a joint venturer accounts for its interest in a joint venture under paragraph 10 of IAS 27: at cost, under IFRS 9 or using the equity method, the same accounting applying to each category of investments (IFRS 11, para. 26). The choice is an accounting policy of the entity, framed by IAS 27 and not by a rule specific to IFRS 11. Trap: Believing that the equity method used in consolidated statements is also required in separate statements. Rule to remember: Separate statements: cost, IFRS 9 or equity method under IAS 27 (IFRS 11, para. 26).","es":""},"common_error":{"fr":"","en":"Requiring the equity method in separate financial statements, or ruling it out.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Using the equity method compulsorily, the separate statements following the same method as the consolidated statements.","es":""},"correct":false,"feedback":{"fr":"","en":"The equity method is only one of the three methods permitted by paragraph 10 of IAS 27; it is not required in separate statements (IFRS 11, para. 26). Rule to remember: Cost, IFRS 9 or equity method, at the entity's choice (IFRS 11, para. 26).","es":""}},{"id":"B","text":{"fr":"","en":"Line by line, including the share of the joint venture's assets and liabilities as a joint operator does for a joint operation that it runs.","es":""},"correct":false,"feedback":{"fr":"","en":"Line-by-line accounting is the joint operator's for a joint operation; for a joint venture, paragraph 26 refers to IAS 27 (IFRS 11, para. 26). Rule to remember: Joint operation: shares; joint venture: IAS 27 (IFRS 11, para. 26).","es":""}},{"id":"C","text":{"fr":"","en":"Under paragraph 10 of IAS 27: at cost, under IFRS 9 or using the equity method, the same accounting applying to each category of investments.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"By full consolidation of the joint venture, the separate statements taking over the entity's accounts as if it were a subsidiary.","es":""},"correct":false,"feedback":{"fr":"","en":"A joint venture is not the joint venturer's subsidiary: no full consolidation is provided for, paragraph 26 referring to IAS 27 for accounting for the interest (IFRS 11, para. 26). Rule to remember: A joint venture is not fully consolidated (IFRS 11, para. 26).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000052","standard_id":"IFRS11","concept_ids":["IFRS11.INTERACTIONS.IFRS10","IFRS11.JO.TRANSACTIONS_WITH_JO"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000052","tested_point":"QST.IFRS11.000052","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000008","section_id":"rule-sale"},"references":["IFRS 11 §22","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"In July 2016 the Interpretations Committee noted a tension between the limitation of gain to the other parties' interests (IFRS 11, B34 and B35) and the accounting for loss of control in IFRS 10. What is the status of the corresponding amendments to IFRS 10 and IAS 28?","es":""},"explanation":{"fr":"","en":"In July 2016 the Interpretations Committee noted a tension between paragraphs B34 and B35 of IFRS 11 (gain limited to the other parties' interests) and the accounting for loss of control in IFRS 10; the IASB deferred the corresponding amendments to IFRS 10 and IAS 28 indefinitely. The joint operator keeps applying the limitation of gain to the other parties' interests (IFRS 11, para. 22). Trap: Presenting the 2014 amendments on the sale of assets as in force. Rule to remember: A deferred proposal or amendment is not a rule in force (IFRS 11, para. 22).","es":""},"common_error":{"fr":"","en":"Presenting the 2014 amendments on the sale of assets as in force.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"The IASB deferred them indefinitely: the tension is unresolved and they are not taught as a rule in force.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"They have been in force since 2016 and replaced paragraphs B34 and B35 of IFRS 11.","es":""},"correct":false,"feedback":{"fr":"","en":"Amendments deferred indefinitely are not in force and have replaced no paragraph of IFRS 11 (IFRS 11, para. 22). Presenting them as current rules amounts to teaching an unapplied proposal. Rule to remember: An indefinite deferral is not an effective date (IFRS 11, para. 22).","es":""}},{"id":"C","text":{"fr":"","en":"They were abandoned, and IFRS 10 now prevails over IFRS 11 for any loss of control involving a joint operation.","es":""},"correct":false,"feedback":{"fr":"","en":"Nothing indicates abandonment or a primacy of IFRS 10: the tension is noted and the deferral decided (IFRS 11, para. 22). Stating that the question is settled in favour of IFRS 10 would go beyond the established facts. Rule to remember: The tension is unresolved (IFRS 11, para. 22).","es":""}},{"id":"D","text":{"fr":"","en":"They came into force for associates and joint ventures, joint operations remaining outside their scope.","es":""},"correct":false,"feedback":{"fr":"","en":"The amendments came into force for no category of entity, their effective date having been deferred indefinitely (IFRS 11, para. 22). Restricting their effect to associates and joint ventures invents a scope. Rule to remember: No partial entry into force (IFRS 11, para. 22).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000053","standard_id":"IFRS11","concept_ids":["IFRS11.INTERACTIONS.IAS28"],"dimension":"ANALYSIS","context":"V1_QST.IFRS11.000053","tested_point":"QST.IFRS11.000053","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":100,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-ias28"},"references":["IFRS 11 §24","IFRS 11 §25"],"exercise":{"prompt":{"fr":"","en":"A colleague writes: \"IFRS 11 says nothing about the share of profit, dividends or impairment of an interest in a joint venture; these topics therefore do not have to be examined for a joint venture.\" What is the error in this reasoning?","es":""},"explanation":{"fr":"","en":"A joint venturer accounts for its interest in a joint venture as an investment, using the equity method under IAS 28 (IFRS 11, para. 24); a party without joint control that has significant influence also applies IAS 28 (IFRS 11, para. 25). The IAS 28 rules on share of profit, dividends and impairment therefore apply to the joint venture. Trap: Forgetting that the IAS 28 rules apply to the joint venture. Rule to remember: IFRS 11 refers to IAS 28 for the joint venture (IFRS 11, para. 24).","es":""},"common_error":{"fr":"","en":"Forgetting that the IAS 28 rules (share of profit, dividends, impairment) apply to the joint venture.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"It forgets that IFRS 11 refers to IAS 28: the joint venturer applies the equity method, whose rules apply to its interest in the joint venture.","es":""},"correct":true},{"id":"B","text":{"fr":"","en":"It forgets that these topics fall under IFRS 12, which sets the accounting for the share of profit and dividends of a joint venture.","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 12 deals with disclosures about interests in other entities, not with accounting for them (IFRS 11, para. 24). Accounting for the share of profit and dividends falls under the equity method of IAS 28. Rule to remember: IFRS 12 discloses, IAS 28 accounts (IFRS 11, para. 24).","es":""}},{"id":"C","text":{"fr":"","en":"It wrongly assumes that the share of profit is recognised at the end of each year without the interest being equity accounted.","es":""},"correct":false,"feedback":{"fr":"","en":"The share of profit is precisely a product of the equity method; the colleague does not recognise it for lack of applying the method, and it cannot be recorded without it (IFRS 11, para. 24). Rule to remember: Share of profit = equity method (IFRS 11, para. 24).","es":""}},{"id":"D","text":{"fr":"","en":"It overlooks that dividends from a joint venture are recognised as income, impairment being ruled out for an interest of this kind in the joint venturer's statements.","es":""},"correct":false,"feedback":{"fr":"","en":"Under the equity method, dividends received reduce the carrying amount of the investment instead of being recognised as income (IFRS 11, para. 24). Impairment is not ruled out: the IAS 28 rules apply to it. Rule to remember: Dividend received = reduction of the carrying amount (IFRS 11, para. 24).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000054","standard_id":"IFRS11","concept_ids":["IFRS11.INTERACTIONS.IFRS12","IFRS11.JV.EQUITY_METHOD"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000054","tested_point":"QST.IFRS11.000054","difficulty":"ADVANCED","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":80,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000010","section_id":"rule-equity"},"references":["IFRS 11 §24","IFRS 11"],"exercise":{"prompt":{"fr":"","en":"Where are the disclosures about the nature, extent and financial effects of an entity's interests in joint arrangements found?","es":""},"explanation":{"fr":"","en":"IFRS 11 deals with the classification of joint arrangements and their accounting: the joint venturer applies, for example, the equity method under IAS 28 (IFRS 11, para. 24). Disclosures about the nature, extent, financial effects and risks of interests in joint arrangements and associates fall under IFRS 12. Trap: Looking in IFRS 11 for the disclosures about joint arrangements. Rule to remember: IFRS 11 classifies and accounts, IFRS 12 discloses (IFRS 11, para. 24).","es":""},"common_error":{"fr":"","en":"Looking in IFRS 11 for the disclosures about joint arrangements.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"In IFRS 11, which details the accounting for joint arrangements and also sets their disclosures in the notes.","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 11 sets, for example, the equity method for a joint venture (IFRS 11, para. 24), but refers to IFRS 12 for disclosures about joint arrangements. Looking for those disclosures in IFRS 11 is a mistake of location. Rule to remember: Disclosures about joint arrangements are in IFRS 12 (IFRS 11, para. 24).","es":""}},{"id":"B","text":{"fr":"","en":"In IAS 28, which provides the disclosures for any equity-accounted interest, including joint ventures.","es":""},"correct":false,"feedback":{"fr":"","en":"IAS 28 defines the equity method and its accounting, not all the disclosures about joint arrangements, which fall under IFRS 12 (IFRS 11, para. 24). Rule to remember: IAS 28 accounts, IFRS 12 discloses (IFRS 11, para. 24).","es":""}},{"id":"C","text":{"fr":"","en":"In IFRS 12, which governs these disclosures, IFRS 11 dealing for its part with the classification and accounting of joint arrangements.","es":""},"correct":true},{"id":"D","text":{"fr":"","en":"In IFRS 10, which sets the disclosures about all of the entity's interests, whether controlled or shared.","es":""},"correct":false,"feedback":{"fr":"","en":"IFRS 10 deals with control and consolidation, not with disclosures about interests in other entities, which fall under IFRS 12 (IFRS 11, para. 24). Rule to remember: IFRS 10 serves to establish control, IFRS 12 to disclose (IFRS 11, para. 24).","es":""}}]},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000055","standard_id":"IFRS11","concept_ids":["IFRS11.INTERACTIONS.PIR_2022","IFRS11.SCOPE.JOINT_ARRANGEMENT"],"dimension":"RULE_KNOWLEDGE","context":"V1_QST.IFRS11.000055","tested_point":"QST.IFRS11.000055","difficulty":"INTERMEDIATE","source":"V1","format":"TRUE_FALSE","estimated_time_s":45,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000001","section_id":"rule-definitions"},"references":["IFRS 11"],"exercise":{"prompt":{"fr":"","en":"The conclusion of the 2022 post-implementation review that the requirements of IFRS 11 are working as intended is neither a rule nor an amendment of the standard.","es":""},"explanation":{"fr":"","en":"The IASB concluded in June 2022 that the requirements of IFRS 11 are working as intended and that no topic of the review is of high or medium priority; the low-priority topics, including collaboration arrangements outside the scope of IFRS 11, are neither rules nor amendments of the standard. The definition of a joint arrangement remains that of Appendix A (IFRS 11, Appendix A). Trap: Presenting a low-priority topic of the review as a requirement of IFRS 11. Rule to remember: A review finding is not a rule (2022 post-implementation review).","es":""},"common_error":{"fr":"","en":"Presenting a low-priority topic of the post-implementation review as a requirement of IFRS 11.","es":""},"format":"TRUE_FALSE","answer":true},"scope":"CORE_STUDENT"},{"key":"QST.IFRS11.000056","standard_id":"IFRS11","concept_ids":["IFRS11.CONTROL.VOTING_PATTERNS"],"dimension":"APPLICATION","context":"V1_QST.IFRS11.000056","tested_point":"QST.IFRS11.000056","difficulty":"INTERMEDIATE","source":"V1","format":"SINGLE_CHOICE","estimated_time_s":120,"lesson_id":null,"review":{"standard_id":"IFRS11","lesson_id":"LS.IFRS11.000003","section_id":"understand"},"references":["IFRS 11 §B8"],"exercise":{"prompt":{"fr":"","en":"Three parties hold 40 %, 35 % and 25 % of the voting rights of an arrangement respectively. Decisions about the relevant activities require at least 65 % of the voting rights, and the arrangement does not specify any combination of parties whose unanimous consent would be required (case facts). Is the arrangement a joint arrangement under IFRS 11?","es":""},"explanation":{"fr":"","en":"Method: 40 % + 35 % = 75 % and 40 % + 25 % = 65 % reach the 65 % threshold; 35 % + 25 % = 60 % does not. Two combinations of parties can therefore decide. When the minimum proportion of voting rights required can be achieved by more than one combination of parties, the arrangement is not a joint arrangement unless it specifies which parties are required to agree unanimously (IFRS 11, para. B8). The percentages and the absence of any specified combination are case data. Trap: concluding on joint control as soon as a qualified majority is required. Rule to remember: several possible combinations and none specified, no joint arrangement.","es":""},"common_error":{"fr":"","en":"Concluding on joint control as soon as a qualified majority is required.","es":""},"format":"SINGLE_CHOICE","options":[{"id":"A","text":{"fr":"","en":"Yes: the 40 % party takes part in every decision, which is enough to establish joint control.","es":""},"correct":false,"feedback":{"fr":"","en":"Taking part in every decision is not enough: the threshold can be reached with the 35 % party or with the 25 % party, with no specified combination (IFRS 11, para. B8).","es":""}},{"id":"B","text":{"fr":"","en":"No: the 65 % threshold can be reached by more than one combination of parties, and the arrangement does not specify the one whose unanimous consent is required.","es":""},"correct":true},{"id":"C","text":{"fr":"","en":"Yes: any qualified majority requirement creates joint control among all the parties.","es":""},"correct":false,"feedback":{"fr":"","en":"A qualified majority does not by itself create joint control: everything depends on the combinations of parties that can reach it (IFRS 11, para. B8).","es":""}},{"id":"D","text":{"fr":"","en":"Yes, between the 35 % and the 25 % parties, which together can block any decision.","es":""},"correct":false,"feedback":{"fr":"","en":"Being able to block a decision together does not make these two parties those whose unanimous consent is required, and the arrangement specifies none (IFRS 11, para. B8).","es":""}}]},"scope":"CORE_STUDENT"}],"reviewTitles":{"LX.IFRS11.000001":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","LX.IFRS11.000002":"The joint arrangement: an agreement with shared control — Example: three agreements, only one joint arrangement","LX.IFRS11.000003":"The joint arrangement: an agreement with shared control — Example: three agreements, only one joint arrangement","LX.IFRS11.000004":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","LX.IFRS11.000005":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","LX.IFRS11.000006":"The joint arrangement: an agreement with shared control — Points of attention","LX.IFRS11.000007":"Joint control: contractual sharing and unanimity — The rule: contractual sharing and unanimity","LX.IFRS11.000008":"Joint control: contractual sharing and unanimity — Understand: a right of veto for each party","LX.IFRS11.000009":"Joint control: contractual sharing and unanimity — The rule: contractual sharing and unanimity","LX.IFRS11.000010":"Joint control: contractual sharing and unanimity — The two-step approach: collective control, then unanimity","LX.IFRS11.000011":"Joint control: contractual sharing and unanimity — The two-step approach: collective control, then unanimity","LX.IFRS11.000012":"Joint control: contractual sharing and unanimity — Professional judgement: relevant activities and groups of parties","LX.IFRS11.000013":"Joint control: contractual sharing and unanimity — Example: three agreements read with the approach","LX.IFRS11.000014":"Joint control: contractual sharing and unanimity — The rule: contractual sharing and unanimity","LX.IFRS11.000015":"Voting rules and parties without joint control — Numeric example: two required majorities for the same split","LX.IFRS11.000016":"Voting rules and parties without joint control — How to read a decision rule","LX.IFRS11.000017":"Voting rules and parties without joint control — The rule: parties with joint control and the others","LX.IFRS11.000018":"Voting rules and parties without joint control — Numeric example: two required majorities for the same split","LX.IFRS11.000019":"Voting rules and parties without joint control — Points of attention","LX.IFRS11.000020":"Voting rules and parties without joint control — Numeric example: two required majorities for the same split","LX.IFRS11.000021":"Voting rules and parties without joint control — The rule: parties with joint control and the others","LX.IFRS11.000022":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: without a separate vehicle, a joint operation","LX.IFRS11.000023":"Classifying the arrangement: rights, obligations and no separate vehicle — Understand: the name does not make the type","LX.IFRS11.000024":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: without a separate vehicle, a joint operation","LX.IFRS11.000025":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: two types, two accounting treatments","LX.IFRS11.000026":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: two types, two accounting treatments","LX.IFRS11.000027":"Classifying the arrangement: rights, obligations and no separate vehicle — Professional judgement: spotting a separate vehicle","LX.IFRS11.000028":"With a separate vehicle: legal form and terms of the arrangement — The rule: the legal form of the vehicle","LX.IFRS11.000029":"With a separate vehicle: legal form and terms of the arrangement — The rule: the legal form of the vehicle","LX.IFRS11.000030":"With a separate vehicle: legal form and terms of the arrangement — Understand: the vehicle exists, so what now?","LX.IFRS11.000031":"With a separate vehicle: legal form and terms of the arrangement — The rule: the terms of the contractual arrangement","LX.IFRS11.000032":"With a separate vehicle: legal form and terms of the arrangement — The rule: the terms of the contractual arrangement","LX.IFRS11.000033":"With a separate vehicle: legal form and terms of the arrangement — The rule: the terms of the contractual arrangement","LX.IFRS11.000034":"With a separate vehicle: legal form and terms of the arrangement — Example: three vehicles, three readings","LX.IFRS11.000035":"With a separate vehicle: legal form and terms of the arrangement — The rule: the terms of the contractual arrangement","LX.IFRS11.000036":"Other facts and circumstances and Committee decisions on classification — The rule: when other facts lead to a joint operation","LX.IFRS11.000037":"Other facts and circumstances and Committee decisions on classification — Example: Ardal Cement read with the three elements","LX.IFRS11.000038":"Other facts and circumstances and Committee decisions on classification — The rule: when other facts lead to a joint operation","LX.IFRS11.000039":"Other facts and circumstances and Committee decisions on classification — Example: Ardal Cement read with the three elements","LX.IFRS11.000040":"Other facts and circumstances and Committee decisions on classification — Context: the 2015 Committee decision on other facts and circumstances","LX.IFRS11.000041":"Other facts and circumstances and Committee decisions on classification — Context: two arrangements with similar features, two classifications","LX.IFRS11.000042":"Other facts and circumstances and Committee decisions on classification — Professional judgement: evidencing enforceable rights and obligations","LX.IFRS11.000043":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: five items","LX.IFRS11.000045":"Accounting for a joint operation: line by line, under the applicable IFRSs — Numeric example: Caldrin's shares","LX.IFRS11.000046":"Accounting for a joint operation: line by line, under the applicable IFRSs — Caldrin's entries","LX.IFRS11.000047":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: each item follows its own standard","LX.IFRS11.000048":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: the party without joint control of a joint operation","LX.IFRS11.000049":"Accounting for a joint operation: line by line, under the applicable IFRSs — Points of attention","LX.IFRS11.000050":"Accounting for a joint operation: line by line, under the applicable IFRSs — Numeric example: Caldrin's shares","LX.IFRS11.000051":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: the party without joint control of a joint operation","LX.IFRS11.000052":"Transactions with the joint operation and acquisition of interests — The rule: a gain limited to the other parties' share","LX.IFRS11.000053":"Transactions with the joint operation and acquisition of interests — Brenvor's sale entry","LX.IFRS11.000054":"Transactions with the joint operation and acquisition of interests — The rule: a gain limited to the other parties' share","LX.IFRS11.000055":"Transactions with the joint operation and acquisition of interests — Numeric example: Brenvor's sale","LX.IFRS11.000056":"Transactions with the joint operation and acquisition of interests — Professional judgement: business or group of assets, sale or contribution","LX.IFRS11.000057":"Transactions with the joint operation and acquisition of interests — The rule: previously held interests","LX.IFRS11.000058":"Transactions with the joint operation and acquisition of interests — The rule: previously held interests","LX.IFRS11.000059":"Transactions with the joint operation and acquisition of interests — The rule: a gain limited to the other parties' share","LX.IFRS11.000060":"The 2019 Committee decisions: operator's liabilities and sale of output — Understand: \"its\" liabilities and \"its\" revenue","LX.IFRS11.000061":"The 2019 Committee decisions: operator's liabilities and sale of output — Context: the 2019 decision on the joint operator's liabilities","LX.IFRS11.000063":"The 2019 Committee decisions: operator's liabilities and sale of output — Context: the 2019 decision on the sale of output","LX.IFRS11.000067":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: an equity-accounted investment","LX.IFRS11.000068":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: an equity-accounted investment","LX.IFRS11.000069":"The joint venture: equity method under IAS 28 and the party without joint control — Numeric example: the roll-forward of Mirenda's investment","LX.IFRS11.000070":"The joint venture: equity method under IAS 28 and the party without joint control — Mirenda's entries","LX.IFRS11.000071":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: the party without joint control of a joint venture","LX.IFRS11.000072":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: the party without joint control of a joint venture","LX.IFRS11.000073":"The joint venture: equity method under IAS 28 and the party without joint control — Points of attention","LX.IFRS11.000075":"Separate statements, links with other standards and the post-implementation review — The rule and the context: the 2015 Committee decision on separate statements","LX.IFRS11.000077":"Separate statements, links with other standards and the post-implementation review — A joint venturer's separate statements: a choice tied to IAS 27","LX.IFRS11.000078":"Separate statements, links with other standards and the post-implementation review — Link with IFRS 10: a deferred tension, the 2016 decision","LX.IFRS11.000079":"Separate statements, links with other standards and the post-implementation review — Link with IFRS 12: where to find the disclosures","LX.IFRS11.000080":"Separate statements, links with other standards and the post-implementation review — Professional judgement: choice of method, texts not applied and supporting documents","QST.IFRS11.000001":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","QST.IFRS11.000002":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","QST.IFRS11.000003":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","QST.IFRS11.000004":"Joint control: contractual sharing and unanimity — The rule: contractual sharing and unanimity","QST.IFRS11.000005":"Joint control: contractual sharing and unanimity — The rule: contractual sharing and unanimity","QST.IFRS11.000007":"Joint control: contractual sharing and unanimity — The two-step approach: collective control, then unanimity","QST.IFRS11.000008":"Joint control: contractual sharing and unanimity — The two-step approach: collective control, then unanimity","QST.IFRS11.000010":"Voting rules and parties without joint control — The rule: parties with joint control and the others","QST.IFRS11.000011":"Voting rules and parties without joint control — The rule: parties with joint control and the others","QST.IFRS11.000012":"Voting rules and parties without joint control — Understand: who can decide?","QST.IFRS11.000013":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: two types, two accounting treatments","QST.IFRS11.000014":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: two types, two accounting treatments","QST.IFRS11.000015":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: two types, two accounting treatments","QST.IFRS11.000016":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: without a separate vehicle, a joint operation","QST.IFRS11.000017":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: without a separate vehicle, a joint operation","QST.IFRS11.000018":"Classifying the arrangement: rights, obligations and no separate vehicle — The rule: without a separate vehicle, a joint operation","QST.IFRS11.000019":"With a separate vehicle: legal form and terms of the arrangement — Understand: the vehicle exists, so what now?","QST.IFRS11.000020":"With a separate vehicle: legal form and terms of the arrangement — Understand: the vehicle exists, so what now?","QST.IFRS11.000022":"With a separate vehicle: legal form and terms of the arrangement — The rule: the legal form of the vehicle","QST.IFRS11.000023":"With a separate vehicle: legal form and terms of the arrangement — The rule: the legal form of the vehicle","QST.IFRS11.000024":"With a separate vehicle: legal form and terms of the arrangement — The rule: the terms of the contractual arrangement","QST.IFRS11.000025":"With a separate vehicle: legal form and terms of the arrangement — The rule: the terms of the contractual arrangement","QST.IFRS11.000028":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","QST.IFRS11.000030":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: five items","QST.IFRS11.000031":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: five items","QST.IFRS11.000033":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: each item follows its own standard","QST.IFRS11.000034":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: each item follows its own standard","QST.IFRS11.000036":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: the party without joint control of a joint operation","QST.IFRS11.000037":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: the party without joint control of a joint operation","QST.IFRS11.000038":"Transactions with the joint operation and acquisition of interests — The rule: a gain limited to the other parties' share","QST.IFRS11.000039":"Transactions with the joint operation and acquisition of interests — The rule: a gain limited to the other parties' share","QST.IFRS11.000040":"Transactions with the joint operation and acquisition of interests — The rule: acquiring an interest in a joint operation that is a business","QST.IFRS11.000041":"Transactions with the joint operation and acquisition of interests — The rule: previously held interests","QST.IFRS11.000042":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: five items","QST.IFRS11.000043":"Accounting for a joint operation: line by line, under the applicable IFRSs — The rule: each item follows its own standard","QST.IFRS11.000044":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: an equity-accounted investment","QST.IFRS11.000045":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: an equity-accounted investment","QST.IFRS11.000047":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: the party without joint control of a joint venture","QST.IFRS11.000048":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: the party without joint control of a joint venture","QST.IFRS11.000049":"Separate statements, links with other standards and the post-implementation review — The rule and the context: the 2015 Committee decision on separate statements","QST.IFRS11.000050":"Separate statements, links with other standards and the post-implementation review — The rule and the context: the 2015 Committee decision on separate statements","QST.IFRS11.000051":"Separate statements, links with other standards and the post-implementation review — A joint venturer's separate statements: a choice tied to IAS 27","QST.IFRS11.000052":"Transactions with the joint operation and acquisition of interests — The rule: a gain limited to the other parties' share","QST.IFRS11.000053":"The joint venture: equity method under IAS 28 and the party without joint control — The link with IAS 28: which rules apply to the joint venture","QST.IFRS11.000054":"The joint venture: equity method under IAS 28 and the party without joint control — The rule: an equity-accounted investment","QST.IFRS11.000055":"The joint arrangement: an agreement with shared control — The rule: the definitions of Appendix A","QST.IFRS11.000056":"Voting rules and parties without joint control — Understand: who can decide?"}}