How are intercompany profits handled in a joint venture? Intercompany profits are treated as an adjustment to the acquisition differential 100% of them are eliminated until they are realized by the joint venture.. Only the selling venturer's share of any after tax profit is eliminated. They are ignored Which of the following statements is correct concerning reporting interests in jointly controlled enterprises under Accounting Standards for Private Enterprises (ASPE)? They must be reported using the cost method. They must be reported using proportionate consolidation They must be reported using the equity method. Use of the cost method or equity method is permitted