Joint Venture Accounting under IFRS

ABC Corporation formed a joint venture with XYZ Ltd. to develop a new technology product. The terms of the joint venture specify that ABC Corporation will contribute 70% of the capital, while XYZ Ltd. will provide the necessary expertise and will contribute 30% of the capital. Each partner has equal management rights despite the difference in capital contributions. On the balance sheet, how should ABC Corporation report its investment in the joint venture, assuming it has significant influence over the entity?

Consider the implications of the joint venture structure in accordance with IFRS and how it affects financial reporting.