Which of the following statements is correct regarding proportionate consolidation?
A)many of the procedures appropriate for the application of proportionate consolidation are similar to the procedures for the consolidation of investments in subsidiaries
B)it means that the statement of financial position of the venturer includes its share of the assets that it controls jointly and its share of the liabilities for which it is responsible
C)it involves each venturer including its share of the income,expenses,assets and liabilities of the jointly controlled entity in its own financial statements
D)all of the above

Question

Quizplus · Accepted Answer

All the statements provided are correct regarding proportionate consolidation. It involves including a venturer's share of the income, expenses, assets, and liabilities of a jointly controlled entity in its financial statements, similar to consolidation procedures for subsidiaries, and includes the venturer's share of assets it controls jointly and liabilities it is responsible for.

Which of the Following Statements Is Correct Regarding Proportionate Consolidation