(This Accounting Standard includes paragraphs set in
typeand plain type, which have equal authority. Paragraphs in bold italictype indicate the main principles. This Accounting Standard should beread in the context of its objective and the Preface to the Statements of Accounting Standards
Accounting Standard (AS) 27, 'Financial Reporting of Interests in JointVentures',issued bytheCounciloftheInstituteofCharteredAccountantsof India, comes into effect in respect of accounting periods commencing on orafter 01.04.2002. In respect of separate financial statements of anenterprise, this Standard is mandatory in nature
from that date. In respectof consolidated financial statements of an enterprise, this Standard ismandatory in nature
where the enterprise prepares and presents theconsolidated financial statements in respect of accounting periodscommencing on or after 01.04.2002. Earlier application of the AccountingStandard is encouraged. The following is the text of the AccountingStandard.
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 whichparagraph 6 has been revised and paragraph 9 has been omitted (see footnotes3 and 4).
Attention is specifically drawn to paragraph 4.3 of the Preface, according to whichAccounting Standards are intended to apply only to items which are material.
Reference may be made to the section titled
s of the Councilregarding status of various documents issued by the Institute of CharteredAccountants of India
appearing at the beginning of this Compendium for adetailed discussion on the implications of the mandatory status of an accountingstandard.