ifrs vs gaap joint ventures

CFA Level II
#1

could use you here s2000 to clear this up for me

i am completing previous cfai tests and 2015 schweser and have come across a couple discrepencies.

what is the preferred vs required method of accounting for joint ventures under GAAP and IFRS?

is equity method is required? when is proportional consolidation method used?

has this changed over the years?

thanks!

#2

I believe this has changed over recent years. Equity Method is preferred (and even perhaps required) for both IFRS and GAAP for Joint Ventures

#3

I believe this has changed over recent years. Equity Method is preferred (and even perhaps required) for both IFRS and GAAP for Joint Ventures

#4

Proportionate consolidation is no long applicable I think. Equity method is a must for joint ventures.