Joint Operations and Joint Ventures Accounting

What type of joint arrangement is presented in the case of Entity C?

The investment in Entity C by Entity A will be reported at its historical cost on December 31, 2022.

What is the balance of Investment in Entity C to be reported by Entity A in its Statement of Financial Position on December 31, 2022?

Bohemian Company has a ______________ interest in the joint venture, Bridge Limited.

What is the main activity of Bridge Limited?

Bohemian Company is required to disclose the financial information of Bridge Limited in its financial statements.

Match the financial items with their respective amounts in Bridge Limited's financial statements:

What is the net interest of Bohemian Company in the joint venture, Bridge Limited?

What does a joint operator recognize in relation to its interest in a joint operation?

The acquirer of an interest in a joint operation is required to apply all of the principles on business combinations accounting in IFRS 3 and other IFRSs without exception.

What is the effective date of the amendments introduced by Accounting for Acquisitions of Interests in Joint Operations?

A joint operator accounts for the assets, liabilities, revenues, and expenses relating to its involvement in a joint operation in accordance with the relevant _______________________.

What is the accounting treatment for the acquisition of an additional interest in a joint operation?

Match the following terms with their corresponding descriptions:

A joint operator recognizes only its revenue from the sale of its share of the output of the joint operation.

A joint operator recognizes its _______________________ from the sale of its share of the output of the joint operation.

A party that participates in a joint operation shall account for its interest in the arrangement in accordance with which method?

A joint venturer recognizes its interest in a joint venture as an investment and shall account for that investment using the Financial Instruments method.

What standard outlines the disclosures required for interests in other entities?

A party that participates in, but does not have joint control of, a joint venture accounts for its interest in the arrangement in accordance with __________ unless it has significant influence over the joint venture.

What is disclosed by an entity about significant judgements and assumptions it has made?

An entity shall disclose information that enables users of its financial statements to evaluate the investments in associates and joint ventures only.

Match the following terms with their definitions:

A party that participates in, but does not have joint control of, a joint operation shall also account for its interest in the arrangement in accordance with the above method if that party has __________ to the assets, and obligations for the liabilities, relating to the joint operation.