Applicability of Ind AS to Societies registered in India

AS 344 views 4 replies

Whether  Ind AS applicable to Societies registered in India? If not, which accounting standards will apply to societies for accounting?

 



 

Replies (4)

Societies turnover must be more than 500 crores plus all commercial transactions. 

Thats what i meant about commercial activities. Society accoubting is not interesting to me cause my job role is freelanceer and work from home

Accounting  Standered ( AS)  issued  by ICAI   are applicable  to the  Societies  registered  under  any  Law  , Societies  are non corporate body  , IND  As are not  applicable  to Societies . Check out  Guidelines issued  by the ICAI  for  Financial  Statements  of Non Corporate  entities .    


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