The report, entitled Reporting Interests in Joint Ventures and Similar Arrangements, identifies the wide diversity of standards and practices that currently exist among the G4+1 members. For example, under IAS 31, Financial Reporting of Interests in Joint Ventures, both the equity method and proportionate consolidation are allowed. Under the equity method, the investor reports its share of the joint venture's net profit or loss on one line in its income statement and its investment on one line in its balance sheet. Under proportionate consolidation, the investor adds its percentage share of each item in the joint venture's income statement and balance sheet to each similar item in the investor's income statement and balance sheet.The paper proposes a definition of joint venture for accounting purposes: 'No one party alone has the power to control its strategic operating, investing, and financing decisions, but two or more parties together can do so, and each of the parties sharing control (joint venturers) must consent.' It also proposes that a joint venturer should use the equity method of accounting (proportionate consolidation would not be permitted); anddisclosures for interests in a joint venture and other forms of joint arrangements. The G4+1 is a group of accounting standard setters consisting of representatives from Australia, Canada, New Zealand, the United Kingdom, and the United States, and observers from the International Accounting Standards Committee. To get hold of the G4+1 Discussion Paper visit: www.iasc.org.uk.
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