Assume Gibson Company is an equal partner in a joint venture with Glover Company. Each company owns 50% of Pesci Company, and equally shares decision-making authority.
Required:
Describe how U.S. GAAP and IFRS differ in how they would have Gibson account for this investment.

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The Answer of Assume Gibson Company is an equal partner in a joint venture with Glover Company. Each company owns 50% of Pesci Company, and equally shares decision-making authority.
Required:
Describe how U.S. GAAP and IFRS differ in how they would have Gibson account for this investment.

Assume Gibson Company Is an Equal Partner in a Joint