Accounting standards

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Anil Batheja (Querist)
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15 August 2010 What are Level I, Level II & Level III enterprises for qualification of exemption for reporting compliance of Accounting Standards?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 August 2010 Level I Enterprises
Enterprises which fall in any one or more of the following categories, at any time during the accounting period, are classified as Level I enterprises:
Enterprises whose equity or debt securities are listed whether in India or outside India.
Enterprises which are in the process of listing their equity or debt securities as evidenced by the board of directors' resolution in this regard.
Banks including co-operative banks.
Financial institutions.
Enterprises carrying on insurance business.
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. Turnover does not include 'other income'.
All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs. 10 crore at any time during the accounting period.
Holding and subsidiary enterprises of any one of the above at any time during the accounting period.

Level II Enterprises
Enterprises which are not Level I enterprises but fall in any one or more of the following categories are classified as Level II enterprises:
All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. 40 lakhs but does not exceed Rs. 50 crore. Turnover does not include 'other income'.
All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs. 1 crore but not in excess of Rs. 10 crore at any time during the accounting period.
Holding and subsidiary enterprises of any one of the above at any time during the accounting period.

Level III Enterprises
Enterprises which are not covered under Level I and Level II are considered as Level III enterprises

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