If a joint venture is deemed to be a reporting entity according to terms contained in the AASB Conceptual Framework,then general purpose financial reports that comply with the relevant accounting standards may need to be prepared.

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If a joint venture meets the definition of a reporting entity according to the AASB Conceptual Framework, then it may need to prepare general purpose financial reports that comply with accounting standards.

If a Joint Venture Is Deemed to Be a Reporting