(a) Explain what is meant by the terms associate and significant influence. (b) Explain the equity method...

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(a) Explain what is meant by the terms ‘associate’ and ‘significant influence’. 

(b) Explain the equity method of accounting. Also explain how this differs from the consolidation approach which is used for subsidiaries. 

(c) Explain what is meant by the term ‘joint venture’. 

(d) Distinguish between jointly controlled operations, jointly controlled assets and jointly controlled entities. Outline the accounting treatment prescribed by [AS 31 for each of these.

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