Key definitions
Joint venture: a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
Venture: a party to a joint venture and has joint control over that joint venture.
Investor in a joint venture: a party to a joint venture and does not have joint control over that joint venture.
Control: the power to govern the financial and operating policies of an activity so as to obtain benefits from it.
Joint control: the contractually agreed sharing of control over an economic activity.