Application of accounting standard -3
This query is : Resolved
24 September 2013
Hello everyone
I have a doubt regarding applicability of AS-3 issued by NACAS on a Pvt. CO. AS per applicability rule a company shall have turnover exceeding RS 50 crore or Borrowings of Rs 10crore at any any time during the previous accounting year.
DOES the previous accounting year implied as previous financial year just before the reporting financial Year.
Please Clarify me the same and Correct me if I am wrong at applicability rule.
Hello everyone
I have a doubt regarding applicability of AS-3 issued by NACAS on a Pvt. CO. AS per applicability rule a company shall have turnover exceeding RS 50 crore or Borrowings of Rs 10crore at any any time during the previous accounting year.
DOES the previous accounting year implied as previous financial year just before the reporting financial Year.
Please Clarify me the same and Correct me if I am wrong at applicability rule.
24 September 2013
Your understanding is correct.
Ps. Borrowings also should exceed Rs. 10 crores.
Ps. Borrowings also should exceed Rs. 10 crores.
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24 September 2013
Warrier Sir Please clear PS borrowings means public sector borrowings and previous accounting Year means year preceding the reporting financial year
25 September 2013
Borrowings means all borrowings including 'public deposits' covered u/s 58A.
Yes. year preceding the reporting fin yr.
Yes. year preceding the reporting fin yr.
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