Applicability of accounting standards
This query is : Resolved
prachi jain
(Querist)
03 August 2012
I am currently doing an audit of a private limited company preparing its financials under the IGAAP.It falls under the head SMC except for the fact that the holding company of the said SMC is registered in USA and prepares its financials under the US GAAP.The holding company is a non SMC as per the IGAAP.Is the exemptions allowed to an SMC from AS still appicable to the company under audit?
08 August 2012
Holding Company registered in US is can not be said as not a SMC. Definition of Company as per companies Act need to be followed.
In the given case SMC exemptions are available if Company complies with the conditions given under Companies (Accounting Standards) Rules, 2006 (as amended).
In the given case SMC exemptions are available if Company complies with the conditions given under Companies (Accounting Standards) Rules, 2006 (as amended).
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