This document is Accounting Standard AASB 11, titled “Joint Arrangements.” It is an accounting standard issued by the Australian Accounting Standards Board (AASB). The AASB made the Standard under section 334 of the Corporations Act 2001 on 24 July 2015 (see source line: “The Australian Accounting Standards Board made Accounting Standard AASB 11 ... under section 334 of the Corporations Act 2001 on 24 July 2015”).
The compiled version shown here applies to annual reporting periods beginning on or after 1 January 2019 and incorporates amendments made up to and including 14 February 2018 (see source line: “This compiled version of AASB 11 applies to annual periods beginning on or after 1 January 2019. It incorporates relevant amendments ... up to and including 14 February 2018”).
Who it affects
The standard affects entities that prepare financial statements for periods that start on or after 1 January 2019, because those reporting periods must apply the compiled Standard (see effective date above).
The AASB is the decision-maker that issued the Standard under statutory authority (see Corporations Act reference above). Contact details for enquiries are provided in the document (phone and e-mail are listed in the source). The document also contains copyright and reproduction restrictions applying to the text (see the COPYRIGHT section in the source).
Why it matters (stated purpose and practical implications)
By title, the Standard governs accounting for “Joint Arrangements”; that is the Standard’s subject as presented in the source. The source text itself does not reproduce the Standard’s operative accounting rules in the excerpt provided, but the title and statutory provenance indicate it sets required accounting treatment for arrangements described as joint arrangements.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Entities that are party to joint arrangements will need to apply the Standard when preparing their financial statements for the applicable periods; this creates a compliance obligation on those reporting entities (see effective date above). The AASB’s statutory role determines the legal force of the Standard for reports prepared under the Corporations Act (see s334 reference above).
Costs, incentives, discretion and implementation points (mechanical, source-grounded)
Who pays: preparers of financial statements (entities reporting for affected annual periods) bear the primary compliance costs of applying this Standard (inferred from the effective-date statement that the Standard "applies to annual periods beginning on or after 1 January 2019").
Who decides: the AASB issued the Standard under the Corporations Act (see s334 reference). That body decides content and timing of standards and their amendments.
Compliance burden and implementation risk: the compiled text incorporates amendments through 14 February 2018, which means affected entities and their advisers need to apply the consolidated/amended text for the periods from 1 January 2019 onward; maintaining systems, disclosures and accounting treatments consistent with the compiled version is an implementation requirement (see compilation and effective-date statements).
Legal/textual constraints: the document contains copyright terms limiting reproduction to certain non-commercial uses and requiring acknowledgement when reproduced in Australia; commercial or non-Australian reproduction requires separate permission (see COPYRIGHT section). That affects how the Standard text may be distributed and used by commercial advisers and software providers.
Trade-offs and concrete implementation considerations
The source excerpt shows the AASB’s statutory route (s334) and the effective date/amendment cutoff; those are concrete levers that determine when and which version of the Standard applies. Applying a compiled standard (with amendments up to a cut-off date) concentrates the compliance task on implementers to ensure they are using the correct consolidated text for reporting.
The source does not include the operative accounting rules, so this summary does not describe specific recognition, measurement or disclosure changes that the Standard may require. To assess costs, incentives, or effects on contract choice, ownership reporting, comparability, or audit work, users must consult the full operative text of AASB 11 and its Compilation Details (not reproduced in the excerpt provided).