Is proportionat consolidation still used by IFRS and US GAAP!
From text :
Joint ventures—ventures undertaken and controlled by two or more parties—can be a convenient way to enter foreign markets, conduct specialized activities, and engage in risky projects…
Both IFRS and US GAAP require the equity method of accounting for joint ventures.
Only under rare circumstances will joint ventures be allowed to use proportionate consolidation under IFRS and US GAAP. “
What are the rare cases, cause you know we may get way lucky on the day of the exam