A jointly controlled entity is a corporation, partnership, or other entity in which two or more ventures have an interest, under a contractual arrangement that establishes joint control over the entity. [IAS 31.24]
Each venturer usually contributes cash or other resources to the jointly controlled entity. Those contributions are included in the accounting records of the venturer and recognised in the venturer's financial statements as an investment in the jointly controlled entity. [IAS 31.29]
IAS 31 allows two treatments of accounting for an investment in jointly controlled entities – except as noted below: