AS 27 - 548 AS 27(issued 2002 548 Accounting Standard(AS...

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548 Accounting Standard (AS) 27 (issued 2002) Financial Reporting of Interests in Joint Ventures Contents OBJECTIVE SCOPE Paragraphs 1-2 DEFINITIONS 3-10 Forms of Joint Venture 4 Contractual Arrangement 5-10 JOINTLY CONTROLLED OPERATIONS 11-15 JOINTLY CONTROLLED ASSETS 16-21 JOINTLY CONTROLLED ENTITIES 22-40 Separate Financial Statements of a Venturer 27-28 Consolidated Financial Statements of a Venturer 29-40 TRANSACTIONS BETWEEN A VENTURER AND JOINT VENTURE 41-45 REPORTING INTERESTS IN JOINT VENTURES IN THE FINANCIAL STATEMENTS OF AN INVESTOR 46-47 OPERATORS OF JOINT VENTURES 48-49 DISCLOSURE 50-54
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549 The following Accounting Standards Interpretations (ASIs) relate to AS 27: ASI 8 - Interpretation of the term 'Near Future' ASI 28 - Disclosure of parent's/venturer's shares in post- acquisition reservesofasubsidiary/jointlycontrolled entity. The above Interpretations are published elsewhere in this Compendium.
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Accounting Standard (AS) 27* (issued 2002) Financial Reporting of Interests in JointVentures (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Statements of Accounting Standards 1 .) Accounting Standard (AS) 27, 'Financial Reporting of Interests in Joint Ventures', issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 01.04.2002. In respect of separate financial statements of an enterprise, this Standard is mandatory in nature 2 from that date. In respect of consolidated financial statements of an enterprise, this Standard is mandatory in nature 2 where the enterprise prepares and presents the consolidated financial statements in respect of accounting periods commencing on or after 01.04.2002. Earlier application of the Accounting Standard is encouraged. The following is the text of the Accounting Standard. Objective The objective of this Statement is to set out principles and procedures for * A limited revision to this Standard has been made in 2004, pursuant to which paragraph 6 has been revised and paragraph 9 has been omitted (see footnotes 3 and 4). 1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which Accounting Standards are intended to apply only to items which are material. 2 Reference may be made to the section titled ‘Announcement s of the Council regarding status of various documents issued by the Institute of Chartered Accountants of India appearing at the beginning of this Compendium for a detailed discussion on the implications of the mandatory status of an accounting standard.
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Financial Reporting of Interests in Joint Ventures 551 accountingfor interestsin jointventuresand reportingofjointventureassets, liabilities, income and expenses in the financial statements of venturers and investors.
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AS 27 - 548 AS 27(issued 2002 548 Accounting Standard(AS...

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