A Joint Venture Is Defined in AASB 131 As

A joint venture is defined in AASB 131 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 contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
E) None of the given answers.