Will Ltd is a company which was incorporated 8 years ago and is 65% owned by SAL Ltd. Will Ltd has been operating very successfully in the past but has recently faced tough competition and has run into financial difficulties. This has caused it to default on its loan with the bank. The bank has invoked its powers in the loan contract to monitor Will Ltd's activities and Will Ltd cannot make expenditures above $10,000 or changes in its operations without the bank's approval.
Required: Determine whether control exists or not and, if so, by which party in accordance with AASB10 Consolidated Financial Statements. Please type your answer below: Enter your answer here
