An efficient encoded representation of a first and a second input audio signal can be derived using correlation information indicating a correlation between the first and the second input audio signals, when a signal characterization information, indicating at least a first or a second, different characteristic of the input audio signal is additionally considered. Phase information indicating a phase relation between the first and the second input audio signals is derived, when the input audio signals have the first characteristic. The phase information and a correlation measure are included into the encoded representation when the input audio signals have the first characteristic, and only the correlation information is included into the encoded representation when the input audio signals have the second characteristic.