EFRAG welcomes the decision of the Interpretations Committee to publish a summary of the discussions relating to the application of IFRS 11 Joint Arrangements. Given some of the difficulties with implementing the Standard, in particular assessing how to apply “other facts and circumstances” to joint arrangements structured through separate vehicles, we believe the discussions will provide useful educational material that illustrates the application of certain aspects of IFRS 11.

However, EFRAG disagrees with the Interpretations Committee’s decision to exclude the issue relating to ‘project entities’ from the published series of agenda decisions. Similar to the other issues on IFRS 11, we believe that communicating a summary of the discussion on this issue will also benefit constituents.

EFRAG’s letter