Partnership accounting standards
This query is : Resolved
09 April 2014
Is accounting standards applicable to partnership/ sole proprietorship?
Is it compulsory that they should follow it?
If yes then what are the consequence of not following them?
10 April 2014
Accounting standards are mandatory nature for corporate entities.
for partnership firms, it is recommendation nature. not compulsion. incase not followed no consequences
for partnership firms, it is recommendation nature. not compulsion. incase not followed no consequences
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