what are the key differences between joint venture and joint operation?
in case of joint operations we take our share of assets,liabilities,cost and receipts and than recognise it in our statement of profit and loss.in case of joint venture we take share of net assets. i hope its helpfull.
Thanks bilal for ur speedy response
Yes, Bilal is correct and jointly held assets are treated in the same way as joint operations – each individual venturer deals with their respective involvement within their own accounting records.
Only for a joint venture is the equity method applied whereby we treat the venture in the same way as we would an associate
Can you point me to an example of each of those in any CSOFP and CSOPL question?
Qasim – they are very few and far between. At this late date I would personally be brushing up on those areas where I’m already feeling ambivalent – a bit confident but, at the same time, increasingly panicky
If you REALLY want an exam reference, check out the index of an exam kit from a reputable publisher
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