Accounting Standards 1-29 - Seth & Associates

for the liabilities of the other venturers of a joint venture.
52. A venturer should disclose the aggregate amount of the following commitments in
respect of its interests in joint ventures separately from other commitments:
a. any capital commitments of the venturer in relation to its interests in joint
ventures and its share in the capital commitments that have been incurred jointly
with other venturers; and
b. its share of the capital commitments of the joint ventures themselves.
53. A venturer should disclose a list of all joint ventures and description of interests in
significant joint ventures. In respect of jointly controlled entities, the venturer should also
disclose the proportion of ownership interest, name and country of incorporation or
residence.
54. A venturer should disclose, in its separate financial statements, the aggregate amounts of
each of the assets, liabilities, income and expenses related to its interests in the jointly
controlled entities.
1. Attention is specifically drawn to paragraph 4.3 of the Preface, according to which accounting standards are intended to apply
only to material items.
2. This implies that, while discharging their attest function, it will be the duty of the members of the Institute to examine whether this
Accounting Standard is complied with in the presentation of financial statements covered by their audit. In the event of any
deviation from this Accounting Standard, it will be their duty to make adequate disclosures in their audit reports so that the users
of financial statements may be aware of such deviations.
3. Equity is the residual interest in the assets of an enterprise after deducting all its liabilities.
4. A separate Accounting Standard on ‘Impairment of Assets’, which is being formulated, will specify the requirements relating to
impairment of assets.