Question

According to AASB 11, which of the following is defined as 'a joint arrangement whereby 'the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement'? a. joint ventures b. jointly controlled assets c. joint operations d. jointly controlled entities

Answer 1

c.Joint operations.

As per AASB 11 , the given definition relates to joint operations;

Joint operations; a joint arrangement whereby 'the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement'.

Joint venture parties have control over net assets of the arrangement.

Jointly controlled asset is not defined.

Jointly controlled entities are either a corporation, partnership or other entity in which two or more ventures have an interest.