Which of the following statements in relation to joint control is incorrect?
A) Each party must have an equal interest for joint control to exist.
B) Joint control requires the unanimous consent of the parties sharing control.
C) Joint control exists only where there is contractually agreed sharing of control.
D) Entities over which a party has joint control are accounted for in accordance with AASB 11 Joint Arrangements.

Question

Quizplus · Accepted Answer

Joint control does not require each party to have an equal interest; it requires unanimous consent for strategic financial and operating decisions.

Which of the Following Statements in Relation to Joint Control