This Standard identifies three broad types of joint venture: business co-operation contract
This Standard identifies three broad types of joint venture: business co-operation contract in the form of jointly controlled operation (jointly controlled operations), business cooperation contract in the form of jointly controlled assets (jointly controlled assets) and establishment of jointly controlled entities (jointly controlled entities).
The following characteristics are common to all joint ventures:
(a) two or more venturers are bound by a contractual arrangement; and
(b) the contractual arrangement establishes joint control
05. The existence of a contractual arrangement distinguishes interests which involve joint control from investments in associates in which the investor has significant influence (see VAS 07, Accounting for Investments in Associates).
Activities which have no contractual arrangement to establish joint control are not joint ventures for the purposes of this VAS.
06. The contractual arrangement may be evidenced in a number of ways, for example by a contract between the venturers or minutes of discussions between the venturers. In some cases, the arrangement is incorporated in the articles or other by-laws of the joint venture. The contractual arrangement is usually in writing and deals with such matters as:
(a) the activity and duration the joint venture and reporting obligations of venturers;
(b) the appointment of the board of directors of the joint venture and the voting rights of the venturers;
(c) capital contributions by the venturers; and
(d) the sharing by the venturers of the output, income, expenses or results of the joint venture.
07. The contractual arrangement establishes joint control over the joint venture. Such a requirement ensures that no single venturer is in a position to control unilaterally the activity.
The arrangement identifies those decisions in areas essential to the goals of the joint venture which require the consent of all the venturers and those decisions which may require the consent of a specified majority of the venturers.
08. The contractual arrangement may identify one venturer as the operator or manager of the joint venture.
The operator does not control the joint venture but acts within the financial and operating policies which have been agreed by the venturers in accordance with the contractual arrangement and delegated to the operator. If the operator has the power to govern the financial and operating policies of the economic activity, it controls the venture and the venture is a subsidiary of the operator and not a joint venture.
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GIẤY PHÉP THÀNH LẬP VĂN PHÒNG ĐẠI DIỆN (TT)
The duration of authorization of each representative, including the beginning date;
Responsibilities of the enterprise’s legal representative
Reporting changes to information about the enterprise’s manager
Criteria, rights and obligations of social enterprises
Do accounting, make and submit truthful financial statements in a timely manner according to regulations of law on accounting and statistics.
State assurance about enterprises and owners of enterprises
Subsidiaries are related person of the parent company in the same group
Application of the Law on Enterprises and specialized laws
Acceptance of leased goods