MFRS 11 establishes the principles for classification and accounting for joint arrangements and supersedes MFRS 131
Interests in Joint Ventures. Under MFRS 11, a joint arrangement may be classified as joint venture or joint operation.
Interest in joint venture will be accounted for using the equity method whilst interest in joint operation will be
accounted for using the applicable standards relating to the underlying assets, liabilities, income and expense items
arising from the joint operations