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of <h1>AS 27 Guides Financial Reporting for Joint Ventures, Emphasizing Proportionate Consolidation and Key Disclosure Requirements.</h1> Accounting Standard (AS) 27 mandates principles for financial reporting of interests in joint ventures. It applies to both separate and consolidated financial statements of enterprises involved in joint ventures, defining key terms like joint venture, joint control, venturer, and investor. AS 27 outlines different forms of joint ventures: jointly controlled operations, assets, and entities, each with specific accounting treatments. It emphasizes proportionate consolidation for jointly controlled entities in consolidated financial statements, except when intended for near-term disposal or operating under severe restrictions. The Standard also prescribes disclosure requirements for contingent liabilities, commitments, and interests in joint ventures.
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