Application of accounting standard -3

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shruti (Querist)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2013 Your understanding is correct.

Ps. Borrowings also should exceed Rs. 10 crores.

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shruti

shruti (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 September 2013 Borrowings means all borrowings including 'public deposits' covered u/s 58A.

Yes. year preceding the reporting fin yr.

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