 Now today we are going to start with the joint arrangements. That is also a part of consolidation. Let's see first of all the learning outcome. It will enable the students to compare consolidation and joint venture arrangements. It is not at least separate, it is part of the consolidation but it is given a separate standard. How the joint venture and joint operation accounting is taken care and it will help them to understand the new terminology involved in IFRS 11. First of all the objectives. The objective of this standard is to establish principle for financial reporting by the entities that have an interest in arrangements that controlled jointly. So the important thing is that the control is jointly owned. No single person can not take any decision unless all of them agree to it. Joint control is contractually agreed sharing of control of an arrangement which exists only when decision about the relevant activities require the unanimous consent. This is the important thing. They all should agree whatever they are going to do, whatever decision they have to make so they should all agree to it. Of the parties sharing control and control the arrangement collectively. When they control the arrangement means simply a small activity, you can say a business. So that business should be controlled collectively. Now the definition. First of all joint control. The contractually agreed on joint sharing of control over the operations are of on asset. In an operation they are buying and selling. This is that if you take an asset and give it to the rent then you are not in the operation but you have joint control over it. Of an economic entity. In this also you have to make an entity from a different point of view. Or sometime you don't make a collection but you take responsibility of a certain party. Exists when the strategic and operational decision relating to the activity require the unanimous consent of the parties sharing the control. Long term decision if you want to take it or if you are in the operational decision then all parties should have unanimous agreement, if they agree then they can move forward. Joint venture. A contractual arrangement where by two or more parties undertake an economic activity subject to their joint control. You will see when we look into the numerical that how joint venture or A, B, C, whatever how they take care of this joint venture business. Joint arrangement a contractual arrangement whereby two or more parties undertake economic activity together and share decision making relating to the activity. The decision making is not done by one person but by all parties and if all parties give unanimous consent then it goes forward. Joint arrangement can be classified into three types. One is simply joint venture and this is mostly going on. And the other is joint operation. A joint operation is a particular activity where they get together and run it and share the results of whatever investment they have to make. And a joint asset. In this also you take a very big building and then give it to the earth and then to the cry. So that is a whole asset and you combine it and share it with two or three parties. Equity method is a method accounting whereby the interest in a joint controlled entity is initially recorded at cost and the money you invest on it is initially recorded. Now the question is that what will come from its operation and adjusted thereafter the post acquisition changes in the venture share of net assets of the jointly controlled entity. You will share the post acquisition profit in your consolidation and this is basically the equity method. Initially it is kept at cost but later we incorporate the post acquisition results in it and then we show it in the balance sheet. So that is the real consolidation. Now here is one thing that if you have started a different business or joint operation then the investments that are coming from there or the sales purchases and expenses are coming from there then this is that you can also add proportionately, a little cost, a net figure is added. One is that you take every item and put it in the sales portion of it, do remember that if you have three items then your share will be 40% and you will incorporate the proportionate items in your books. It is a method of accounting whereby a venture share of each of the assets, liabilities, income and expense of jointly controlled entity line by line with similar items in the venture's financial statement. So it is clear that the consolidation that is already being made in the statement, the venture's, in the operational statement you will add line by line figures and the same will be your accounting. Now here is a word that is being used, significant influence, one is the domination, in domination you are the boss, whatever you want to do, whatever you want to do, it is significant, is the power to participate in the financial and operating policy decision of an economic entity is in control or control over those policies, significant. Jointly controlled operation is a jointly controlled operation, a venture shall recognize in its financial statement, the asset is controls and liabilities that it anchors, that is the asset's control over your liability, the asset of your asset, the liability, the revenue of your asset, the expenses that you will bring to your books. The expenses that is incurred and share of the income, it earns from the sale of goods and services by the joint operation, so what is the operation in this, that whatever your portion is made of, you will incorporate it in your income statement, in your balance sheet. Thank you very much.