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Thread: 27 Accounting Standard 27 - Financial Reporting of Interests in Joint Ventures -

  1. #21
    Accounting Standards
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    Default Amended as Follows of Accounting Standard (AS) 27 Financial Reporting of Interests in joint ventures

    5. Paragraphs 46 and 47 are amended as follows:


    46. An investor in a joint venture, which does not have joint control, should report its interest in a joint venture in its consolidated financial statements in accordance with Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement, Accounting Standard (AS) 21, Consolidated Financial Statements and Accounting for Investments in Subsidiaries in Separate Financial Statements or Accounting Standard (AS) 23, Accounting for Investments in Associates as appropriate.


    47. In the separate financial statements of an investor, the interests in joint ventures should be accounted for in accordance with Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement 6. The name of AS 21, appearing in paragraphs 6 and 31 of the Standard, is changed to reflect the new name of AS 21, viz., the following: AS 21, Consolidated Financial Statements and Accounting for Investments in Subsidiaries in Separate Financial Statements
    7. The name of AS 23, appearing in paragraph 5 of the Standard, is changed to reflect the new name of AS 23, viz., the following: AS 23, Accounting for Investments in Associates The limited revision comes into effect in respect of accounting periods commencing on or after the date on which Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement, comes into effect.

  2. #22
    Accounting Standards
    Guest

    Default Accounting Standards Interpretation (ASI) 28 Disclosure of parentís/venturerís shares in post-acquisition reserves of a subsidiary/ jointly controlled

    Accounting Standards Interpretation (ASI) 28


    Disclosure of parentís/venturerís shares in post-acquisition reserves of a subsidiary/ jointly controlled entity


    Accounting Standard (AS) 21,Consolidated Financial Statements and AS 27, Financial Reporting of
    Interests in Joint Ventures

    ISSUE

    1. What should be the manner of disclosure of the parentís/venturerís share in the post-acquisition reserves of a subsidiary/jointly controlled entity in the consolidated balance sheet?


    CONSENSUS

    2. The parentís share in the post-acquisition reserves of a subsidiary, forming part of the corresponding reserves in the consolidated balance sheet, is not required to be disclosed separately in the consolidated balance sheet.

    3. While applying proportionate consolidationmethod, the venturerís share in the post-acquisition reserves of the jointly controlled entity should be shown separately under the relevant reserves in the consolidated financial statements.

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