Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit

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This discussion clarifies the applicability of various accounting standards (AS, Ind-AS, IFRS, GAAP) and audits (CARO, Cost Audit, Internal Audit) in India. It details which types of companies, based on listing status, net worth, and turnover, are subject to these regulations, providing specific thresholds and examples for each.

Hukam Chand

Hukam Chand (Querist)

08 November 2024 Dear CA Club Expert,
My First Question is I want to know from you how can we know on which industry AS, IND-AS, IFRS, GAAP, CARO will be applicable. I searched many times on Google but I am not getting the correct information. Please tell me on which industry AS, IND-AS, IFRS, GAAP, CARO is applicable? And if yes, then what is the threshold limit or turnover limit for it. Please tell me with complete example so that we can also be aware.

My second question is on which company cost audit and internal audit and front end audit is applicable and if they are applicable, is there any threshold limit and turnover limit. How can we find out what is the limit of all these compliances? Sir, please explain both these questions with examples and if you have any PDF then please share it.

Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 November 2024 CARO 2020 applies to all companies in India, including private and public companies, except those specifically exempted by the government.
Accounting standards applicable to:
Companies Listed on stock exchanges in India or abroad.
In the process of listing (with board resolution as proof)
Banks, including cooperative banks.
Financial institutions.
Insurance companies.
Businesses with annual turnover over INR 500 million (excluding 'other income')

All companies listed on stock exchanges in India or outside India with a net worth of Rs. 250 crore or more and unlisted companies with a net worth of Rs. 500 crore or more are required to comply with Ind AS. This includes subsidiaries, joint ventures, and associates of such companies.
Instead of IFRS Ind as applicable in india.

Govt notify cost audit applicability to particular industry.

Hukam Chand

Hukam Chand (Querist)

09 November 2024 as your reply CARO applicability on all companies except govt exempted if CARO applicable on all companies then if My company is Pvt Ltd company and turnover is around 30-40 cr then its applicable or not if yes kindly elaborate the threshold limit ?
apart from this, GAAP applicability on which industry and threshold limit ?
Apart from this, IFRS and cost audit applicability on which industry and threshold limit ?
Please elaborate with example ?

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