AASB 131 Describes a Jointly Controlled Entity as Being Differentiated

AASB 131 describes a jointly controlled entity as being differentiated from other types of entities (particularly associates) on the basis that:

A) The function of a joint venture is different to all other types of entities because it does not have a focus on generating a profit.
B) The contractual arrangement between the venturers establishes joint control over the economic activity of the entity.
C) The function of a jointly controlled entity is to achieve a tax simplification for the venturers so that accumulated joint venture losses may more easily be carried forward to offset future profits of the venturers.
D) The contractual arrangement between the venturers establishes joint and several liability for the liabilities of the jointly controlled entity.
E) None of the given answers.