Accounting Study Guide

U.S. GAAP
Financial Reporting Guide

Section 3440: Joint Ventures

[U.S. GAAP Codification Topic]
323-30 Partnerships and unincorporated joint ventures

[U.S. GAAP before the Codification]
APB 18, March 1971, The Equity Method for Accounting for Investments in Common Stock
EITF 03-16, Accounting for Investments in Limited Liability Companies

1. General rules and principles of equity method, APB 18, apply to
--> Partnerships
--> Unincorporated joint ventures
--> AIN APB 18

2. Limited Liability Companies (LLC)
--> Investments in LLC are similar to the investments in limited partnership
--> Equity method rules and principles apply to LLC
--> EITF 03-16