Discuss the accounting treatment for joint ventures. How docompanies account for their investments in joint ventures?

Definitions:1. Joint VentureA joint venture (JV) is a business arrangement where two or more parties…

Answered: Discuss the accounting treatment for…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 1BD

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Joint venture
Can a Joint venture use equity method of accounting? how bout the share of net income of each individual corporation, how would you account for that?
1. Describe how loans receivable from partners and loans payable to partners are treated in liquidation and why is that necessary? 2.
When an entity prepares separate financial statements, it shall account for investments in associates A. At cost. B. Any of the choices. C. In accordance with PFRS 9. D. Using the equity method as described in PAS 28.
Demonstrate how to identify and account for equity investments classified forreporting purposes as fair value through net income
FINANCING DECISIONS What are the advantages and examples of Internal Financing (at least 2 for Sole Proprietorship, Partnership and Corporation)? How does depreciation gives tax benefit?
Q. Which of the following is within the scope of investments accounted for using the equity method of accounting?a) Investment in a wholly-owned or partly-owned subsidiaryb) Joint venture's debt or equity instruments traded in a public marketc) Investment in associate that meets the criteria to be classified as held forsaled) Investment in a financial asset, measured at fair value
How shall an entity subsequently measure financial liabilities? Is IFRS measurement of financial liabilities similar to that of U.S. GAAP? Also briefly describe the requirements regarding an option to designate a financial liability at fair value through profit and loss. Q: Does U.S. GAAP allow fair value option for financial assets and liabilities? Q; What is “own credit” issue related to financial liabilities measured at fair value through profit and loss? Q: How does IFRS 9 address this “own credit” issue?
what are intra-entity transfers? How do you treat intra-entity transfers while consolidating the financial statements of a parent company and its subsidiary?. Discuss with suitable examples.
The proprietary theory, the entity theory, and the funds theory are three approaches to accounting for equities. Required: a. Describe briefly each of these theories b. State your reasons for emphasizing the application of one of these theories to each of the following: i. Single proprietorship ii. Partnership iii. Financial institutions (banks) iv. Consolidated statements v. Estate accounting
Question: about IFRS 2. Evaluate whether the treatment of the two types of share-based payments as equity (equity- settled share based payment) or liability(cash settled share-based payment) is in line with the enhancing qualitative characteristics in the IASB Conceptual Framework?
Which of the following is an indirect investment? a) Joint venture b) Property loan c) REIT d) Asset purchase Please ensure accuracy and explain your choice

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Discuss the accounting treatment for joint ventures. How do companies account for their investments in joint ventures?