Difference between corporate and non corporate entities

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Corporate entities are companies registered under the Companies Act, while all other forms like proprietorships, partnerships, and trusts are non-corporate entities. Accounting Standards may also apply to non-corporate entities engaged in business activities.

ashutosh pandey

ashutosh pandey (Querist)
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30 January 2015 dear sir

what is the difference between corporate entities and non corporate entities .

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 January 2015 corporates are those who are company registered either under co act 1956 or under 2013.

all other entities are non corporate entities.

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ashutosh pandey

ashutosh pandey (Querist)
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30 January 2015 sir why accounting standards apply to non corporate entities only?

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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30 January 2015 Accounting standards are applicable only to Corporate Entities not to non corporate Entities.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 January 2015 even if small proportion of activities of non corporate entities are having any business aspect then all applicable accounting standard shall also apply to non corporate entities.

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CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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30 January 2015 Can you please refer any clarification/notification for the same.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 January 2015 https://mhrd.gov.in/sites/upload_files/mhrd/files/document-reports/Report_IASEI_0.pdf

refer page 4 in link just above the point no 2 background in this link.

this link says even if small proportion of activities of non profit organisation has business activites then it is applicable.

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CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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30 January 2015 Tushar Sir, Thanks a lot for sharing this link.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 February 2015 You are welcome navin.............

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