A joint venture is one type of joint arrangement in which the rights and responsibilities of the parties to the arrangement are limited to the net assets of the investee. That is$,$ the joint venturers do not have direct control over the assets nor direct exposure to the liabilities of the venture. To reflect the exposure to the net assets of the venture, the appropriate accounting treatment is $\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

Group of answer choices

Consolidation

proportional consolidation

equity method

fair value through profit and loss $($FVPL$)$

fair value through other comprehensive income $($FVOCI$)$

answer not provided