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Were a separate vehicle/entity is set up the arrangement is a joint venture and the venturers will account for their share of net assets using the equity method.
If there is no separate vehicle, the arrangement is a joint operation and the operators will account for their portion of rights in relation to assets & obligation in relation to liabilities.
Question sir, if a separate vehicle/entity is set up, can there be a joint operation or does it always have to be joint venture?
It will always be a joint venture where a separate entity is set up.