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In the context of control, which of the following is correct regarding rights?Group of answer choicesThey must be protective rightsThey must arise from a legal contractThey must arise as a result of future eventsThey must be substantive rights

Question

In the context of control, which of the following is correct regarding rights?Group of answer choicesThey must be protective rightsThey must arise from a legal contractThey must arise as a result of future eventsThey must be substantive rights

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Solution

In the context of control, the correct statement regarding rights is:

They must be substantive rights.

Here are the steps to understand this:

  1. Control: In the context of consolidated financial statements, control refers to the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

  2. Rights: Rights are legal entitlements or permissions. In the context of control, rights refer to the ability to direct the relevant activities of an entity.

  3. Substantive Rights: Substantive rights are rights that have substance and are not merely procedural. They are rights that the holder has the practical ability to exercise. These rights can give an entity the power to direct the relevant activities of another entity, and therefore, can lead to control.

So, in the context of control, rights must be substantive, meaning they must have substance and the holder must have the practical ability to exercise them. They do not necessarily have to be protective rights, arise from a legal contract, or arise as a result of future events.

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