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Monday, April 26, 2010

Joint control

In IAS 24 Related Party Disclosures, joint control is the contractually agreed sharing of control over an economic activity.

In IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures, joint control is the contractually agreed sharing of control over an economic activity; it exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).