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Discussion > Accounts > AS >

Applicability of AS 18

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Company Secretary and AVP Legal


[ Scorecard : 171]
Posted On 14 August 2009 at 13:21 Report Abuse

Dear Professional friends

As per AS 18 available on icai.com, AS 18 is applicable to following companies:
1.       Enterprises whose equity or debt securities are listed whether in India or outside India.
2.       Enterprises which are in the process of listing their equity or debt securities as evidenced by the board of directors’ resolution in this regard.
3.       Banks including co-operative banks.
4.       Financial institutions.
5.       Enterprises carrying on insurance business.
6.       All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. 50 crore.
7.       Turnover does not include ‘other income’.
8.       All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess ofRs. 10 crore at any time during the accounting period.
9.       Holding and subsidiary enterprises of any one of the above at any time during the accounting period.
 
The enterprises which do not fall in any of the above categories are not required to apply this Standard.
  
Is there any change in the above criteria?
Since my company donot fall in any of the above categories, then can I say that AS 18 is not applicable.
Please reply asap
Regards
Malav

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Aditya Maheshwari
CA in Practice


[ Scorecard : 34878]
Posted On 14 August 2009 at 15:11

There is no change in AS - 18



Total thanks : 1 times




Malav Shah
Company Secretary and AVP Legal


[ Scorecard : 171]
Posted On 14 August 2009 at 15:46

Mr. Aditya

thanks for reply.

My Statutory Auditor says AS 18 is applicable to all the Companies. My company have turnover less than 50 crores and no borrowings. We are neither listed  nor a bank nor Financial institution nor insurance business nor we are subsiduary of any company.

Then is AS 18 is applicable to us. Our Auditors says it is applicable.

Please provide your opinion.

Regards

Malav




CA munjal
articled clerk


[ Scorecard : 100]
Posted On 14 August 2009 at 17:59

Your Statutory Auditor is correct in saying that AS 18 is applicable. As per companies accounting standard rules 2006, AS 18 is applicable for all the companies, Which is in contradiction of AS 18. Users of account is restricted in case of level 2 and level 3 enterprise, but still you will be requiring to diclose as it is mandated by Companies rule.



Total thanks : 1 times



Malav Shah
Company Secretary and AVP Legal


[ Scorecard : 171]
Posted On 17 August 2009 at 11:46

 thanks 

Malav




Prakash Kumar Singh
Artical Clearck


[ Scorecard : 77]
Posted On 23 August 2010 at 17:49

can any one tell me that sa 18 is applicable for all companies

from 01.04.2009 or 01.04.2010

please reply iam weting

prakash




Deep
student


[ Scorecard : 23]
Posted On 28 June 2012 at 10:27

As per AS-18 can we show the debit and credit balances of the same person by giving net effect i.e net amount or both balances should be shown separately

regards

Deep



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