Which of the following is required for joint control?
Decisions about relevant activities require unanimous consent of the parties sharing control.
Decisions about all activities, not only relevant activities, require unanimous consent of the parties sharing control.
Only two parties can be involved in an arrangement for joint control to exist.
The definition of control and the relevant activities are different from IFRS 10 Consolidated Financial Statements.
For joint control to exist, decisions about relevant activities require the unanimous consent of the parties sharing control. This means that each party must agree on the significant decisions related to the arrangement for it to proceed. The definition of control and relevant activities in the context of joint control are distinct from those in IFRS 10 Consolidated Financial Statements, which focuses on situations where one entity has power over another.
