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"The objective of MFRS 11 Joint Arrangements is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly" - MASB
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Question a. Explain the term 'joint arrangement' and 'joint control' in accordance with MFRS 11 Joint Arrangements
Question b. Meysa Bhd, Dinda Bhd and Bina Bhd have entered into a joint arrangement and incorporate Neesa Bhd to operate the arrangement. Meysa Bhd and Dinda Bhd each hold 35% of the ordinary share capital in Neesa Bhd while Bina Bhd hold the remaining of the shares. In an agreement of the arrangement, any decisions can only be made with 75% consent among the shareholders. The directors of Meysa Bhd and Dinda Bhd argued that only their company have joint control over Neesa Bhd due to the majority of shares held by them, while Bina Bhd is only a party to the arrangement.
As an accountant of Neesa Bhd, explain whether the argument by directors of Neesa Bhd is correct or not.
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