Describe the procedures and considerations for accounting for investments in associates and joint ventures under IFRS $28$ or ASC $323.$ Discuss the equity method of accounting and its impact on consolidated financial statements.

Investments in associates and joint ventures involve accounting for entities over which significant influence or joint control is held. Explain the equity method of accounting, where investments are initially recognized at cost and subsequently adjusted for the investor$$s share of the investee$$s profit or loss. Discuss the procedures for accounting for such investments under IFRS $28$ or ASC $323,$ including the recognition of dividends and impairment losses. Analyze the impact of using the equity method on consolidated financial statements, including adjustments to the carrying amount of investments and the presentation of share of profit or loss.