Accounting standards

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mohit sethia (Querist)
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08 June 2013 Kindly explain me the difference between corporate and non corporate entities?
And also why accounting standards are only applicable to non corporate entities?
IT WOULD BE OF GREAT HELP IF YOU CAN REMOVE THIS CONFUSION....SOMEONE PLEASE DO HELP...

Vivek Hebbar

Vivek Hebbar (Expert)
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08 June 2013 Dear Mohit

Accounting Standards are applicable to all entities carrying on commercial business. Corporate entities are those registered under the Companies Act, 1956. For corporate entites the accounting standards have been notified under the Act itself - The Companies Accounting Standards Rules, 2006. For non corporate entities, the accounting standards issued by the Institute of CHartered Accountants of India are applicable. THere are not much differences between the two sets of accounting standards

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mohit sethia

mohit sethia (Querist)
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09 June 2013 What is the basic difference between corporate and non-corporate entities ?

mohit sethia

mohit sethia (Querist)
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09 June 2013 please do reply..

Vivek Hebbar

Vivek Hebbar (Expert)
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09 June 2013 Dear Mohit

I have mentioned that in my reply. Entities registered under the Companies Act, 1956 are called corporate entities. Rest all are non-corporate entities

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