alleryStart learning →What is a jointly controlled entity?
AA venture needing no separate entity
BA venture that creates a separate entity
CA venture run by one venturer alone
DA branch of a single enterprise
Answer & Solution
Correct answer: B. A venture that creates a separate entity
A jointly controlled entity involves establishing a corporation, partnership or other entity in which every venturer has an interest, under joint control by contract.
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Related questions
For jointly controlled entities, a venturer must disclose which item?How are joint venture capital commitments disclosed?AS 27 disclosure of contingent liabilities is not needed when the probability of loss is wFor which statements is AS 27 mandatory in respect of an enterprise?How does the joint venture itself account for the operator's management fee?Fees earned by an operator of a joint venture are accounted for under which standard?Which standard is used to test impairment in venturer and venture transactions?A loss on purchase from a venture is booked at once when it shows what?