applicabiity of AS to Charitable organisation
This query is : Resolved
09 July 2008
1.As per AS compendium only AS 1,4,6,7& 10 are compulsary .Whether other AS are mandatory on the basis of scope specified in them?
2.Whether AS other than mandatory are applcable to Charitable organisation.?
As per AS Compendium AS are applicable to enterprise but it does not talk about the objective of enterprise.Hence,even if a charitable organisation carried on a business activity it is not exempted from AS.BUT WHETHER AS OTHER THAN MANDATORY LIKE AS 15,19 ,29 ARE APLLICABLE TO SUCH ORGANISATION
2.Whether AS other than mandatory are applcable to Charitable organisation.?
As per AS Compendium AS are applicable to enterprise but it does not talk about the objective of enterprise.Hence,even if a charitable organisation carried on a business activity it is not exempted from AS.BUT WHETHER AS OTHER THAN MANDATORY LIKE AS 15,19 ,29 ARE APLLICABLE TO SUCH ORGANISATION
09 July 2008
Yes, AS as applicable to other enterprises will also apply to a Charitable Organisation.
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