Under US GAAP, joint ventures are typically accounted for using the equity method, which results in a single line item on both the income statement (equity in earnings of joint venture) and balance sheet (investment in joint venture).

Under IFRS, joint ventures can use either:

• Equity method (similar to US GAAP), OR
• Proportionate consolidation (showing proportionate share of each line item)

Since the European company reports under IFRS and has the option to use proportionate consolidation, while the US company under US GAAP must use equity method, the most likely scenario is that the US company presents a single line item and the European company presents its proportionate share of each line item.