Section 3055 – Interests in Joint Ventures

October 01, 2012

Section 3055 applies:

  • To accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, revenue expenses in the financial statements of joint ventures, regardless of the structures and forms under which the joint venture activities take place.
  • When economic activities meet the definitions and criteria outlined in paragraphs 3055.03-.16, even though the activities may not be referred to as joint ventures.

Section 3055 does not apply:

  • When economic activities do not meet the definitions and criteria outlined in paragraphs 3055.03-.16, even though the activities may sometimes be referred to as joint ventures. Instead accounting for investments in such activities is governed by the nature of the investment (see Section 3051, Investments, and Section 3856, Financial Instruments).
  • To variable interest entities (see AcG-15, Consolidation of Variable Interest Entities).
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