Applicability of accounting standards

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Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2013 When accounting standards are applicable to companies ??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 September 2013 All accounting Standards are applicable to companies barring AS 3, 17, 21, 23 & 27.

AS 3 & AS 17 (Exemption given to SMC. Applicable only to Non SMC)

AS 21, 23 and 27 are applicable only when relevant regulator requires compliance of these standards

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 September 2013 For details check out below link--

https://www.caclubindia.com/experts/accounting-standard-1392394.asp#.UjbdDtKBmAd

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2013 dear sir
from the reading of meaning of SMC it seems all the conditions mentioned there in need to be complied with so as to be qualify as SMC. and not one of them.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 September 2013 Yes in SMC it is not clearly mentioned but see the definition issued by ICAI it is mentioned that any one or more of the following categories. So any one or more criteria needs to be satisfied.

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