Accounting and Auditing of Joint Ventures

The session will assist participants in making determinations of accounting methods and policies at the joint venture entity level. Various methods for joint venture members to report investment and earnings on joint venture financial statements will also be covered, and a discussion of the specialized disclosures for joint ventures.

Learning Objectives:
• Analysis of a joint venture to determine if it is variable interest entity.
• Consolidation methodology – proportional consolidation or full consolidation.
• Equity method reporting and consolidation method.
• Considerations for ongoing joint ventures versus single project joint ventures.
• Allocation of profits for fee variances and overhead allocations.
• Accounting for pass-through joint ventures.