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BRILLIANT’S Accounting Standards 59

AS-27: Financial Reporting of Interest in AS-27: Om°B§Q> d|Mg© _| B§Q>aZoQ> H$s \$m`Z|{e`b
Joint Ventures
[anmo{Q>ªJ
Objective: The objective of the standard is CÔoí`… Bg ñQ>¢S>S>© H$m CÔoí` Om°B§Q> d|Mg© _| ã`mO
to set out principles and procedures for VWm d|Mag© VWm B§doñQ>g© Ho$ \$m`Z|{e`b ñQ>oQ>_|Q²>g _|
accounting for interest in joint ventures and
Om°B§Q> d|Ma H$s g§n{Îm, Xm{`Ëd, Am` VWm ì`` H$s [anmo{Q>ªJ
reporting of joint venture assets, liabilities,
income and expense in the financial statements H$s AH$mC§qQ>J Ho$ {bE {gÕm§Vm| VWm à{H«$`mAm| H$m {ZYm©aU
of venturers and investors. H$aZm h¡&
Scope: This standard should be applied joÌ… `h ñQ>¢S>S>© Om°B§Q> d|Mg© _| ã`mO Ho$ {bE AH$mC§qQ>J
in accounting for interest in joint ventures. _| bmJy {H$`m OmZm Mm{hE&
AS-28: Impairment of Assets AS-28: AgoQ²>g H$m Båno`a_|Q>

The dictionary meaning of ‘Impairment of 'AgoQ> Ho$ Båno`a_|Q>' H$m {S>ŠeZar AW© g§n{Îm Ho$
asset’ is weakening in value of asset. In other _yë` H$m H$_Omoa hmoZm h¡& Xÿgao eãXm| _| O~ g§n{Îm H$m _yë`
words, when the value of asset decreases, it
KQ>Vm h¡ Vmo Bgo EH$ AgoQ> H$m Båno`a_|Q> H$hm OmVm h¡&
may be called impairment of an asset.
As per AS 28 asset is said to be impaired AS 28 Ho$ AZwgma AgoQ> H$mo Båno`S>© H$hm OmVm h¡
when carrying amount of asset is more than O~ AgoQ> H$m H¡$[a¨J A_mC§Q> BgHo$ [aH$dao~b A_mC§Q> go
its recoverable amount. A{YH$ hmoVm h¡&
Objective: To prescribe the procedures that CÔoí`… EH$ à{Vð>mZ H$s à{H«$`mAm| H$mo gw{ZpíMV
an enterprise applies to ensure that its assets H$aZo Ho$ {bE dU©Z H$aZm {H$ BgH$s AgoQ²>g H$mo CZH$s
are carried at no more than their recoverable
amount. [aH$dao~b A_m§CQ> go A{YH$ na H¡$ar Zht {H$`m J`m h¡&
Scope: This standard should be applied joÌ… `h ñQ>¢S>S>© g^r g§n{Îm`m| Ho$ Båno`a_|Q> Ho$ {bE
in accounting for the impairment of all assets, AH$mC§qQ>J _| bmJy {H$`m OmZm Mm{hE {Og_| {ZåZ gpå_{bV
other than: Zht h¢…
(a) Inventories; (a) BÝd|Q>arO;
(b) Assets arising from construction (b) H§$ñQ´>ŠeZ H$m§Q´>¡ŠQ²>g go CËnÝZ hmoZo dmbr AgoQ²>g,
contracts;
(c) Financial assets; (c) \$m`Z|{e`b AgoQ²>g;
(d) Deferred tax assets. (d) {S>\$S>© Q>¡Šg AgoQ²>g&

AS-29: Provisions, Contingent Liabilities AS-29: àmo{dO§g, H§$qQ>O|Q> bm`{~{bQ>rO VWm
and Contingent Assets H§$qQ>O|Q> AgoQ²>g

Objective: The objective of this standard CÔoí`… Bg ñQ>¢S>S>© H$m CÔoí` àmo{dO§g, H§$qQ>O|Q>
is to prescribe the accounting for provisions, bm`{~{bQ>rO, H§${Q>O|Q> AgoQ²>g, [añQ´>ŠM[a¨J H$m°ñQ> Ho$
contingent liabilities, contingent assets, {bE àmo{dOZ hoVw AH$mC§qQ>J H$m dU©Z H$aZm h¡&
provision for restructuring cost.
Scope: This standard should be applied joÌ… `h ñQ>¢S>S>© {ZåZ{b{IV H$mo N>mo‹S>H$a àmo{dO§g
in accounting for provisions and contingent VWm H§$qQ>O|Q> bm`{~{bQ>rO Ho$ {bE VWm H§$qQ>O|Q> AgoQ²>g