Applicability of accounting standard
This query is : Resolved
kula chandrama pradhan
(Querist)
27 June 2017
I have heard that MCA notified accounting standards are applicable in case of companies and ICAI notified standards are applicable in case of non-corporate entities. Can anyone please reproduce or share the link, where the same has been mentioned?
Aswath Raman
(Expert)
27 June 2017
Section 133 of Companies Act,2013 mandates the corporate assessees to follow the accounting standard issued therein. For other assessees, the respective governing laws would define the extent of applicability. As far as I know, there are no specific notifications to this regard.
Amol S Joglekar
(Expert)
27 June 2017
It is the question of jurisdiction rather than notification....MCA has jurisdiction over companies. ICAI has jurisdiction over entire Accounting Profession in India.
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