Which of the following statements is correct?
A)one of th e distinguishing factors for a jointly controlled entity is that the assets are owned or controlled jointly by the venturers
B)there are no statutory,professional of other requirements for a joint venture comprising jointly controlled assets to prepare separate financial statements
C)there are several statutory,professional of other requirements for a joint venture comprising jointly controlled assets to prepare separate financial statements
D)none of the above

Question

Quizplus · Accepted Answer

Joint ventures comprising jointly controlled assets typically do not have statutory or professional requirements to prepare separate financial statements, as the assets are jointly controlled and reported in the financial statements of the venturers.

Which of the Following Statements Is Correct