A type of control that entails power over assets or business at the present time and for the current financial period. More specifically, an entity has a current control over an asset or business, when it has substantially all the risks/ rewards incidental to ownership (of an asset/ business) for the time being. This, in turn, depends on having a direct exposure to, or rights in, variable returns that arise from its involvement with an asset, group of assets, or a business, and also on its current ability to affect these returns (negative and/or positive) through that power.

In another context, current control may involve a controlling interaction at the moment and for the current financial period between an investee and investor (control of an investee). An investor controls an investee when the former has power over the latter. Control is also manifested in the exposure of an investor to, or its rights in, variable returns that arise from its involvement with an investee, and its ability to affect the returns through that power.