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NEW DELHI, Feb. 20

THE Institute of Chartered Accountants of India (ICAI) has issued new accounting standards for financial reporting of interests in joint ventures.

The new standards will come into effect from April this year, according to a press release. The objective of the new guidelines is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of ventures and investors.

The standard is based on the principles of proportionate consolidation, a method of accounting and reporting, whereby a joint venture partner's share of each of the assets, liabilities, income and expenses of a jointly controlled entity is reported as separate line items in the financial statements.

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