Which of the following is required for joint control?
A. Decisions about relevant activities require unanimous consent of the parties sharing control.
B. The definition of control and the relevant activities are different from IFRS 10 Consolidated Financial Statements.
C. Decisions about all activities, not only relevant activities, require unanimous consent of the parties sharing control.
D. Only two parties can be involved in an arrangement for joint control to exist.
A. Decisions about relevant activities require unanimous consent of the parties sharing control.
Joint control, as per accounting standards, refers to a situation where two or more parties have the collective ability to make decisions about relevant activities only if they all agree. This typically means that no single participant can dominate the decision-making process, and all parties with joint control must consent for significant actions to be taken. Therefore, option A accurately describes the requirement for joint control.
