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managing the car park, maintaining the centre and its equipment, such as lifts, and building the reputation and customer base for the centre as a

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managing the car park, maintaining the centre and its equipment, such as lifts, and building the reputation and customer base for the centre as a whole. The terms of the contractual arrangement are such that:- a) entity X owns the shopping centre. The contractual arrangement does not specify that the parties have rights to the shopping centre. b) the parties are not liable in respect of the debts, liabilities or obligations of entity X. If entity X is unable to pay any of its debts or other liabilities or to discharge its obligations to third parties, the liability of each party to any third party will be limited to the unpaid amount of that party's capital contribution c) the parties have the right to sell or pledge their interests in entity X. d) cach party receives a share of the income from operating the shopping centre (which is the rental income net of the operating costs) in accordance with its interest in entity Required: Explain and motivate the accounting treatment of the shopping centre joint arrangement in terms of IFRS11: Joint arrangements

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