Jointly controlled operations involve the use of assets and other resources of the ventures rather than the establishment of a separate entity. Each venture uses its own assets, incurs its own expenses and liabilities, and raises its own finance. [IAS 31.13]
IAS 31 requires that the venture should recognise in its financial statements the assets that it controls, the liabilities that it incurs, the expenses that it incurs, and its share of the income from the sale of goods or services by the joint venture. [IAS 31.15]