AASB 10 Consolidated Financial Statements requires that control be non-shared.

Question

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AASB 10 Consolidated Financial Statements defines control as "the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities" and requires that control be non-shared. This means that one entity (known as the parent) must have the power to govern the financial and operating policies of another entity (known as the subsidiary) in order for the subsidiary to be consolidated into the parent's financial statements. Control cannot be shared between multiple entities.

AASB 10 Consolidated Financial Statements Requires That Control Be Non-Shared