Accounting Standard
This query is : Resolved
CA CS Akashdeep Singh
(Querist)
01 October 2008
Is accounting standard issue by ICAI apply on partnership firm or not?
CA Gaurav Khanna
(Expert)
01 October 2008
Yes mandatory accounting standards are applicable if such statements are required to be statutorily sudited under any law e.g. accounts required to be audited u/s 44AB of the income tax act.
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