The IASB defines these joint arrangements/ventures as those in which a decision must be made by unanimous consent as they have equal power over the decision making process. Accounting for the investment must be made in accordance with IAS 28 and disclosures must be made in accordance with IFRS 12.
IFRS standards differ from IAS standards in that they began being introduced in 2001, whereas IAS were produced prior to this date by the IASC, or the International Accounting Standards Committee. Therefore when an IFRS standard and an IAS standard conflict, the IFRS is generally more authoritative due to being more recent.
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