[1][2] During the crisis, accounting rules were criticized for permitting certain risky arrangements to be excluded from company balance sheets.
[1] The revised definition is expected to increase the likelihood that an entity is deemed to have control over another.
[2][3] IFRS 11 largely retained previous accounting guidance for joint ventures, but adopted the IFRS 10 definition of "control," meaning that "joint control" would be deemed to exist in some circumstances where it wasn't previously, and vice versa.
[1][2] These extra disclosures were also in response of criticism of the previous accounting guidance after the 2007–2008 financial crisis.
[2] The Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States, also revised its consolidation rules in response to the 2007–2008 financial crisis, although its revised guidance is not identical to IFRS 10, 11 and 12.