Question: A Ltd, B Ltd, and C Ltd are each 33.3 percent shareholders of XY Pty Ltd, a small proprietary company that is involved in the

A Ltd, B Ltd, and C Ltd are each 33.3 percent shareholders of XY Pty Ltd, a small proprietary company that is involved in the music industry. C Ltd and A Ltd are passive shareholders with one board seat each out of a total of three. B Ltd has one board seat and is also involved in the day-to-day running of the business.

Determine whether or not control exists and, if so, by which party (under IFRS 10). Discuss the reasons for your answers.

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