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3 A US company reporting under US GAAP forms a joint venture with a European company reporting under IFRS. The two companies have joint control of this venture. When reporting the venture's results, it is most likely that:
3 A US company reporting under US GAAP forms a joint venture with a European company reporting under IFRS. The two companies have joint control of this venture. When reporting the venture's results, it is most likely that:
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A
each company will present its proportionate share of each financial statement line item.
B
each company will present a single line item on its income statement and balance sheet.
C
the US company will present a single line item and the European company will present its proportionate share of each line item.
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