Unrealised profits or losses on the transfer of assets to a jointly controlled operation are always offset against the joint venture investment account.

Question

Quizplus · Accepted Answer

Unrealised profits or losses on the transfer of assets to a jointly controlled operation are only offset against the joint venture investment account to the extent of the transferor's interest in the joint venture. The portion of gains or losses attributable to the other venturers is recognized in the financial statements.

Unrealised Profits or Losses on the Transfer of Assets to a Jointly