Joint control exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint ventures are accounted for using the equity method. If the parties have direct rights to the assets and direct obligations for the liabilities, the arrangement is classified as a "joint operation".
Source: TFRS 11
Related terms
Equity methodAn accounting method in which an investment is initially recognised at cost and subsequently adjusted for the investor's share of the investee's net assets.AssociateAn entity over which the investor has significant influence but not control or joint control.ConsolidationCombining the financial statements of a parent and the subsidiaries it controls as if they were a single economic entity.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.Amortised costThe amount at which a financial asset or liability is measured at initial recognition, minus principal repayments, plus cumulative amortisation calculated using the effective interest method.BOBİ FRS (Turkish GAAP for SMEs)The financial reporting standard issued by the POA for large and medium-sized entities that are subject to independent audit but do not apply TFRS.
Last updated: October 22, 2026 · This definition is for general information only.