Introduction:
A Government company, Govt . Organisation and Private Company entered into a joint venture and created a Private Company (J V Entity) having 25%, 24% and 51% respectively share in share capital of JV Entity.
The govt company having the object of promotion of non-renewable energy sources (non profit making entity). It is not required to prepare Consolidated Financial Statements.
The J V entity is a profit making entity.
Case/Quarry:
Whether disclosure requirement of AS 27 is applicable to Govt. Co..
What should be disclosed in the Separate Financial Statements of Govt. Co.
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