For interests in jointly controlled operations,an individual venturer must recognise which of the following in its financial statements?
A)the assets that it controls
B)the liabilities that it incurs
C)its share of income that it earns from the sale of goods or services by the joint venture
D)all of the above

Question

Quizplus · Accepted Answer

An individual venturer must recognize all of the options listed in its financial statements for interests in jointly controlled operations. This includes the assets that it controls, the liabilities that it incurs, and its share of income earned from the sale of goods or services by the joint venture.

For Interests in Jointly Controlled Operations,an Individual Venturer Must Recognise