A Joint Venture Is Defined in AASB 11 As

A joint venture is defined in AASB 11 as:

A) an arrangement whereby two or more parties carry on business with a common goal to make a profit and each can commit the joint venture to debts through decisions made unilaterally.
B) an arrangement whereby two or more venturers establish a common activity in which they jointly and severally take responsibility for liabilities and expenses and obtain the benefits of outputs generated.
C) a legal entity constituted by venturers pursuing a common goal and sharing control of assets and responsibility for expenses and liabilities.
D) a joint arrangement whereby two or more parties undertake an economic activity that is subject to joint control and have rights to the net assets of the arrangement.