IFRS 11, provides that joint control exists where:
A) no single party is in a position to control the activity unilaterally;
B) the decisions in areas essential to the goals of the joint arrangement do not require the consent of the parties;
C) no one party may be appointed as the manager of the joint arrangement;
D) one party alone has power to control the strategic operating decisions of the joint arrangement.

Question

Quizplus · Accepted Answer

IFRS 11 defines joint control as existing where no single party is in a position to control the activity unilaterally. This means that decisions must be made jointly and no party has the ability to control the arrangement on their own. Options B, C, and D do not reflect this requirement.

IFRS 11, Provides That Joint Control Exists Where