audit and accounting standards
This query is : Resolved
13 November 2008
whether accounting standards applicable to small and medium enterprise
S.Srinivasaraghavan
(Expert)
14 November 2008
Most of the SMEs get classified into Level III enterprises who are excluded them from the rigours of certain accounting standards — such as AS 3 (on cash flows), AS 17 (on segment reporting), AS 18 (on related party disclosures), AS 24 (on discontinuing operations) and ASs 21, 23 and 27 — that were mainly applicable to top level enterprises. These enterprises were also exempted from making disclosures under AS 20 (on earnings per share) and AS 29 (on provisions and contingencies). A general rule of the standard-setters has been to defer the applicability of new standards for SMEs to give them time to get used to them.
Ravikumar.G
(Expert)
17 November 2008
Except some standards all are applicable.
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