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Accounting standards

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(Querist)
14 September 2011 Hello

I would like to know that if a company is Level 1 company for Accounting Standards then for how many years will it be necessary for the company to follow Accounting Standards for Level 1 if subsequently it has conerted to Level 2
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
14 September 2011 no such condition.....
when it is level 1 then follow level 1 AS, when level 2 then level 2 AS
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CA Sumat Singhal

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CA Sumat Singhal (Expert)
17 September 2011 Classification is to be made at any time during fy so if it is a level 2 in current fy then follow AS as prescribed no matter of what it was in p.y.
Hope above ans will help u.
Regards,
Sumat Singhal.a level 2 in current fy then follow AS as prescribed no matter of what it was in p.y.
Hope above ans will help u.
Regards,
Sumat Singhal.
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