4 A joint arrangement is an arrangement of which two or more parties have joint control.

5 A joint arrangement has the following characteristics:

(a) The parties are bound by a contractual arrangement (see paragraphs B2-B4).

(b) The contractual arrangement gives two or more of those parties joint control of the arrangement (see paragraphs 7-13).

6 A joint arrangement is either a joint operation or a joint venture.

Joint control

7 Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.