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Proportionate consolidation is appropriate only in limited circumstances and in certain industries. There is a longstanding practice in the construction and extractive industries of investors displaying investments in separate unincorporated legal entities (versus an investment in an incorporated entity or an undivided interest in the separate assets and liabilities) accounted for using the equity method of accounting on a proportionate gross basis, such that the investor’s financial statements reflect the investor’s pro rata share of each of the venture’s assets, liabilities, revenues, and expenses (rather than the one-line treatment) consistent with the guidance in ASC 810-10-45-14. See CG 6.4 for further details.

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