Applicability of AS-15

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This query is : Resolved

Srinivas Sharma KN (Querist)

18 October 2008 Whether AS-15 is applicable or mandatory to Trusts, Societies, 12A registered and non profit organisations? If yes/no, please provide relevent extract of the AS.

Bharath Kumar

Bharath Kumar (Expert)

20 October 2008 AS 15 applies to the below entities
and is mandatory from 01/04/06

(i) Enterprises whose equity or debt securities are listed whether in
India or outside India.
(ii) Enterprises which are in the process of listing their equity or
debt securities as evidenced by the board of directors’ resolution
in this regard.
(iii) Banks including co-operative banks.
(iv) Financial institutions.
(v) Enterprises carrying on insurance business.
(vi) All commercial, industrial and business reporting enterprises,
whose turnover for the immediately preceding accounting period
on the basis of audited financial statements exceeds Rs. 50 crore.
Turnover does not include ‘other income’.
(vii) All commercial, industrial and business reporting enterprises
having borrowings, including public deposits, in excess of Rs.
10 crore at any time during the accounting period.
(viii) Holding and subsidiary enterprises of any one of the above at
any time during the accounting period.

For more details please refer
https://icai.org/resource_file/257accounting_standards_as15new.pdf

Ankit Varia

Ankit Varia (Expert)

11 August 2012 AS 15 applies to the below entities
and is mandatory from 01/04/06

(i) Enterprises whose equity or debt securities are listed whether in
India or outside India.
(ii) Enterprises which are in the process of listing their equity or
debt securities as evidenced by the board of directors’ resolution
in this regard.
(iii) Banks including co-operative banks.
(iv) Financial institutions.
(v) Enterprises carrying on insurance business.
(vi) All commercial, industrial and business reporting enterprises,
whose turnover for the immediately preceding accounting period
on the basis of audited financial statements exceeds Rs. 50 crore.
Turnover does not include ‘other income’.
(vii) All commercial, industrial and business reporting enterprises
having borrowings, including public deposits, in excess of Rs.
10 crore at any time during the accounting period.
(viii) Holding and subsidiary enterprises of any one of the above at
any time during the accounting period.

For more details please refer
https://icai.org/resource_file/257accounting_standards_as15new.pdf

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