( Author )
12 June 2012
This has reference to the applicability of Accounting Standards notified by Ministry of Corporate Affairs vide Notification G.S.R. 739(E) dated 07.12.2006. As per the aforesaid notifications, almost all accounting standards barring few ones like AS-17,AS-21, AS-3, AS-23, AS-25 are applicable to all companies in their entirety for accounting periods commencing on or after 7th December 2006.
For example whether AS-18 & 20 would be applicable for all the companies irrespective of the criteria (Level I, II, III) defined in Accounting Standards issued by ICAI?
would like to know views of learned Experts on the same and would like to know if any further clarifications, notifications, exemptions have been issued by MCA.