A joint venture is exempt from using the equity method or proportionate consolidation in certain circumstances.
Which of the following circumstances is not a legitimate reason for not using the equity method or proportionate consolidation?
(a) Where the interest is held for sale under IFRS 5.
(b) Where the exception in IAS 27 applies regarding an entity not being required to present consolidated financial statements.
(c) Where the venturer is wholly owned, is not a publicly traded entity and does not intend to be, the ultimate parent produces consolidated accounts, and the owners do not object to the nonusage of the accounting methods.
(d) Where the joint venture’s activities are dissimilar from those of the parent.