Accounting standards
This query is : Resolved
Bhavesh Mehta
(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
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
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
when it is level 1 then follow level 1 AS, when level 2 then level 2 AS
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.
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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