When another entity (a ‘vehicle’) gives rise to benefits for the reporting entity that are in substance no different from those that would arise were the vehicle a subsidiary, it is consolidated if there is control.
In determining whether the reporting entity controls a vehicle, management should take into account who, in practice, directs the financial and operating policies of the vehicle.
[FRS 2 para 64]
[FRS 5 paras 7, 32-38]