Basil Ltd Has an 80% Interest in a Joint Venture

question 1

Multiple Choice

Basil Ltd. has an 80% interest in a joint venture. Under IFRS, what is attributed to the Basil?

• A)80% of the realized and unrealized gains and losses arising from upstream sales
• B)80% of the realized and unrealized gains and losses arising from downstream sales
• C)100% of the realized and unrealized gains and losses arising from upstream sales
• D)100% of the realized and unrealized gains and losses arising from downstream sales