Investment in partnership - accounting treatment

My client a UK company has invested in a property investment partnership as a limited partner. The partnership has reported a loss for the year and this has been allocated (adjusted for tax purposes) to the partners according to their share.
I have had conflicting views from colleagues regarding the accounting treatment of the investment and apportioned tax losses.
I had originally planned to account for the investment at cost (providing that NRV per the directors is considered to be higher) and to just disclose the apportioned tax losses in the accounts as a note in the corresponding investment note. Accordingly when the partnership starts making a profit then it would seem appropriate to disclose any share of taxable profits apportioned to the company as limited partner and to account for those that are distributed.
Obviously for tax purposes, apportioned tax losses and profits would be included in the company's corporation tax return, with the view that the disclosure in the accounts of these apportioned losses and profits would help readers understand the full picture.
However it seems that some would account for the apportioned losses and profits even if not yet distributed and adjust the carrying value of the investment accordingly.
Is either method acceptable and does anyone know of any point of reference for this?
Thank you.