alleryStart learning →Must a jointly controlled operation keep separate accounting records?
AYes, audited ones every year
BYes, filed with the registrar
CNot necessarily, they may be omitted
DOnly if there are over five venturers
Answer & Solution
Correct answer: C. Not necessarily, they may be omitted
Because venturers already record their own items, separate records and statements for the venture itself may not be needed, apart from internal management accounts.
Keep practising AS 27 Financial Reporting of Interests in Joint Ventures
Browse all AS 27 Financial Reporting of Interests in Joint Ventures questions for CA Inter, or explore more Accounting topics.
Related questions
For jointly controlled entities, a venturer must disclose which item?How are joint venture capital commitments disclosed?AS 27 disclosure of contingent liabilities is not needed when the probability of loss is wFor which statements is AS 27 mandatory in respect of an enterprise?How does the joint venture itself account for the operator's management fee?Fees earned by an operator of a joint venture are accounted for under which standard?Which standard is used to test impairment in venturer and venture transactions?A loss on purchase from a venture is booked at once when it shows what?