Good afternoon Gene,
If I can quickly add my two cents, I agree with asking your accountant. They may prefer/suggest a particular methodology that fits best with your particular situation. Your accountant may also be reflecting the JV in a couple of different manners on your financial statements.
Considerations will be given to the nature of the JV. In many cases the JV`s can be more accurately described as partnerships. However, in certain cases your accountant and lawyer may shriek in horror where this is the case. There are pros and cons to each, and a few different rules for each, thus you will want to determine which set of rules to follow.
The reporting and tax filing requirements will differ if we are speaking of what I will call for the lack of a better word a "true joint-venture" as compared to a partnership. If this is a true JV, your reporting needs/procedures should in my opinion consider the fiscal year-end of others involved with the JV.
Warm regards...
George