Which of the following statements is in accordance with AASB 131 "Interests in Joint Ventures"?

Question

Quizplus · Accepted Answer

AASB 131 states that joint control over a joint venture is established through a contractual arrangement in which no single venturer has unilateral control. Therefore, option C is correct. Option A is incorrect because the equity method is applied when the investor has significant influence over the investee, not joint control. Option B is incorrect because significant influence, not a contractual arrangement, distinguishes investments in associates from joint ventures. Option D is incorrect because, according to AASB 131, a contractual arrangement is necessary to establish joint control over a joint venture.

Which of the Following Statements Is in Accordance with AASB