3 The following terms are used in this Standard with the meanings specified:
An "associate" is an entity over which the investor has significant influence.
"Consolidated financial statements" are the financial statements of a group in which assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.
The "equity method" is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of the investee's net assets. The investor's profit or loss includes its share of the investee's profit or loss and the investor's other comprehensive income includes its share of the investee's other comprehensive income.
A "joint arrangement" is an arrangement of which two or more parties have joint control.
"Joint control" is the contractually agreed sharing of control of an arrangement, which exists
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