Cor pora te rep or ti n g

(Application of IFRS 9: 3 marks max) 
 
 
(Part c: 5 marks) 
(d) According to IFRS 10 
Consolidated Financial Statements
, an investor controls an 
investee if the investor has: 
•
 
power over the investee 
•
 
exposure to variable returns from the investee 
•
 
the ability to affect the amount of its returns from the investee. 
(1 mark) 
According to IFRS 11 
Joint Arrangements
, joint control is where the relevant activities 
require unanimous consent of those who collectively control the arrangement. 
(1 mark)
A joint operation is an arrangement whereby the parties that have joint control have 
rights to the assets, and obligations relating to the liabilities, of the arrangement. 
(1 mark) 
A joint venture is an arrangement whereby the parties that have joint control have 
rights to the net assets of the arrangement. This usually involves the establishment of 
a separate entity.