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accounting standards

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Khushbu (Querist)
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07 October 2008 whether it is required to incorporate a note (in notes forming part of Balance Sheet)regarding non applicability of AS - 3, 18 etc.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 October 2008 Technically speaking you need to exhibit only those standards which are not applicable ab initio. But in the case of cases like AS-18, it will be difficult to ascertain whether the company considered such transactions or not for disclosure will not be known unless a declaration whether it was considered are not is made. That is why in the case of AS-3, it will be known why it was not there if it is not exhibited, it will not be so in the case of AS-18.
It may therefore necessary to state in the case of AS 18 the non applicability if no transactions were there. In the case of AS 3 it is not required.

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