CPA(U) Final Level Practice Questions - ICPAU Certified Public Accountant Of Uganda Final Level Exam

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Which of the following is NOT one of the three essential control elements defined by IFRS 10 (Consolidated Financial Statements) that a parent must possess to establish control over an investee?

The parent must hold more than 50% of the voting rights of the investee. The parent must have power over the investee. The parent must have exposure, or rights, to variable returns from its involvement with the investee. The parent must have the ability to use its power over the investee to affect the amount of its returns.

Correct Answer:

The parent must hold more than 50% of the voting rights of the investee.

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