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of <h1>AS 27 Defines Financial Reporting Standards for Joint Ventures, Ensures Transparency and Uniform Policies</h1> The Accounting Standard (AS) 27 outlines principles for financial reporting of interests in joint ventures, applicable to both separate and consolidated financial statements. It defines joint ventures as contractual arrangements with joint control by two or more parties. The standard identifies three types of joint ventures: jointly controlled operations, assets, and entities. It mandates proportionate consolidation for reporting interests in jointly controlled entities, except in cases intended for near-term disposal or those with severe restrictions. The standard requires disclosure of contingent liabilities, commitments, and details of joint ventures in financial statements, ensuring transparency and adherence to uniform accounting policies.
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