ness or project for the mutual benefit of all members.Joint activity is defined as the activities of the organization (reporting segment), carried out in order to reap economic benefits or income, together with other organizations and (or) individual entrepreneurs by combining deposits and (or) joint actions without legal entity.are three groups of joint ventures: controlled entities - the activity is carried out by a separate entity (company or partnership); controlled operation - each party uses its own assets to the special project; controlled assets - are jointly implementing a project on the basis of assets held in joint ownership .. S. GAAP consider only jointly controlled entities where the activity is carried out through a separate legal entity.There are three types of joint ventures. Depending on how the economic benefit and the associated allocation of responsibilities among the participants of activities implemented jointly under the terms of the relevant agreements, RAP define three ways to participate in joint activities: activities - carried out by forming a partnership (the company is not a legal entity) to combine the contributions of participants and joint action for a profit; carry out operations - is by performing each of the participants a certain stage (specific part) production (works, services); assets - activities carried out through the cooperation of the participants owned them on common property.IFRS requires the use of proportionate consolidation or the equity method. Under the proportional consolidation of participants in the assets, liabilities, income and expenses shall be summarized by line with similar items or financial statements of the reflected in the financial statements of the separate line .. S. GAAP, the proportionate consolidation method is not normally allowed, except for jointly controlled activities without forming a legal entity in certain sectors. Participants apply the equity method for the recognition of investments in jointly controlled entity.is allowed only proportional consolidation.participant who invests non-cash assets, such as shares or fixed assets, jointly controlled entity in exchange for a share in its capital, must be reflected in the profit and loss account of the profit or loss on disposal of assets introduced in the proportion of other participants, except in cases where: significant risks and rewards to the contributed assets have not been transferredcontrolled entity; gain or loss is taken on the asset can be measured reliably; similar assets made by other participants .. S. GAAP does not provide any guidance on the basis of contributions to the reflection of a jointly controlled entity. For joint ventures whose financial statements are presented in the SEC (or when one or more participants of the joint venture is registered with the SEC), a reflection of the contribution at its fair value is only allowed under certain strict criteria.reflect any gains or losses in t...
