Which of the following statements is not correct in relation to joint control?
A) Joint control can exist without the existence of a contractual arrangement.
B) Joint control exists only where there is contractually agreed sharing of control.
C) Entities over which a party has joint control are accounted for in accordance with AASB 11/IFRS 11 Joint Arrangements.
D) Joint control requires the unanimous consent of the parties sharing control.

Question

Quizplus · Accepted Answer

Joint control typically requires a contractual arrangement that establishes the agreed sharing of control among the parties involved. This means that joint control without a contractual arrangement is not in line with the standard definitions and requirements of joint control as outlined in accounting standards like AASB 11/IFRS 11.

Which of the Following Statements Is Not Correct in Relation