Basil Ltd. has an 80% interest in a joint venture. Under IFRS, what is attributed to the Basil?
A)80% of the realized and unrealized gains and losses arising from upstream sales
B)80% of the realized and unrealized gains and losses arising from downstream sales
C)100% of the realized and unrealized gains and losses arising from upstream sales
D)100% of the realized and unrealized gains and losses arising from downstream sales

Question

Quizplus · Accepted Answer

The Answer of Basil Ltd. has an 80% interest in a joint venture. Under IFRS, what is attributed to the Basil?
A)80% of the realized and unrealized gains and losses arising from upstream sales
B)80% of the realized and unrealized gains and losses arising from downstream sales
C)100% of the realized and unrealized gains and losses arising from upstream sales
D)100% of the realized and unrealized gains and losses arising from downstream sales

Basil Ltd Has an 80% Interest in a Joint Venture