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how joint control?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › how joint control?

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • May 28, 2021 at 11:04 am #622023
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    Fill Co also jointly controls coal mines with other entities. The Theta mine is owned by four participants. Fill Co owns 28%, and the other three participants each own 24% of the mine. The operating agreement requires any major decisions to be approved byparties representing 72% of the interest in the mine. Fill Co is considering purchasing one of the participant’s interests of 24%.

    sir i just don’t understand how can joint control exists here when decisions require just 72% majority? Joint control needs unanimous (100% voting) consent!

    May 28, 2021 at 11:08 am #622026
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2528
    • ☆☆☆☆☆

    Are you asking me whether this a joint arrangement?

    I don’t think so in an accounting sense. I suspect the word joint control is being used in a loose sense.

    In any case the question was about what would happen if Fill bought out one of the other investors, not about the current position.

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