Applicability of accounting standards
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2013
When accounting standards are applicable to companies ??
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
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
16 September 2013
For details check out below link--
https://www.caclubindia.com/experts/accounting-standard-1392394.asp#.UjbdDtKBmAd
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.
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.
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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