Part B: Interest in Joint Venture OperatPart B: Interest in Joint Venture Operations/entities

Part B: Interest in Joint Venture Operations/entities

For the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 1006 ‘Accounting For Interests in Joint Ventures’. An extract of the definition in AASB 1006 is provided below:

Joint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.

Joint venture entity means a joint venture that is in the form of an entity and does not include:

(a) an entity that is acquired and held exclusively with a view to its disposal in the near future

(b) an entity that operates under severe long-term restrictions which impair significantly its ability to make distributions to the venturer.

Joint venture operation means a joint venture that is not a joint venture entity and does not include an entity that:

(a) is acquired and held exclusively with a view to its disposal in the near future

(b) operates under severe long-term restrictions that impair significantly its ability to make distributions to the venturer.[2]