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Mastering Joint Arrangements

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Questions and Answers

According to PFRS11, a joint arrangement is defined as an arrangement in which ___________ have joint control.

one party

one or more parties

two or more parties (correct)

three parties

What is a characteristic of a joint arrangement?

Parties have individual control

Parties are not bound by a contractual arrangement

Parties do not require unanimous consent

Parties have joint control (correct)

In a joint arrangement, one party cannot make a decision without the __________ of the other parties.

approval

knowledge

consent (correct)

permission

Joint arrangements are similar to __________ in terms of control and decision-making.

partnerships Signup and view all the answers

What is the purpose of a contractual arrangement in a joint arrangement?

To provide joint control Signup and view all the answers

What is the definition of a joint arrangement according to PFRS11?

An arrangement in which two or more parties have joint control. Signup and view all the answers

What are the characteristics of a joint arrangement?

<ol> <li>Parties are bound by a contractual arrangement. 2. The contractual arrangement gives two or more parties joint control.</li> </ol> Signup and view all the answers

What is required for a party to make a decision in a joint arrangement?

The unanimous consent of the other parties sharing control. Signup and view all the answers

Give an example of a joint arrangement.

San Jose partnership. Signup and view all the answers

Can one party in a joint arrangement make a decision without the agreement of the other parties?

No, one party cannot make a decision without the concurrence of the other parties. Signup and view all the answers