BC19 The Board decided to use the term 'joint arrangement', rather than 'joint venture', to describe arrangements that are subject to the requirements of the IFRS. As noted in paragraph BC13, the IFRS does not change the two essential characteristics that IAS 31 required for arrangements to be 'joint ventures': a contractual arrangement that binds the parties to the arrangement exists, and the contractual arrangement establishes that two or more of those parties have joint control of the arrangement.