Which of the following is NOT a criterion for identifying an external investment pool?

An external investment pool is defined by several key characteristics that help identify it within the realm of public finance and accounting. One of the foundational aspects of an external investment pool is its focus on pooling resources from multiple participants, which work together to achieve investment objectives.

The criterion of investment focus refers to the common investment goals or strategies shared among the participants in the pool. This ensures that the investments are aligned with the needs and expectations of the contributing entities.

The participants as beneficiaries criterion indicates that the contributors to the pool are also the ultimate beneficiaries of the investment returns. This relationship is crucial as it establishes accountability and aligns the interests of all parties involved.

The criterion of permanency, however, is not typically associated with the identification of an external investment pool. While some pools may have a long-term focus, the defining feature of an external investment pool is mainly centered around the shared investment focus and the participant roles, rather than the duration or longevity of the investment structure itself. Thus, the criterion of permanency does not play a significant role in the basic identification of external investment pools.