Financial Operations Ratio-meaning and formula

What is joint operation?

According to IFRS 11 joint operation is an arrangement in which each venturer has control of individual asset and liabilities of the arrangement, as determined by the subastance of the contract setting up the joint operation. The operation may or may not be a separate entity. Each venture account for the elements (assets, liabilities, expenses and income) under its control on an individual basis, lin by line.

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