Accounting standards

Hi Rahul,

Accounting standards are not specified to be applicable industry-wise.

In case the entity is a company, all  accounting standards notified by the Ministry of Corporate Affairs would be applicable. (Currently there are 28 AS applicable. visit - https://www.mca.gov.in/Ministry/notification/notification_comp_Acct.html)

In case the entity is not a company, the accounting standards are applicable as notified by the Institute of Chartered Accountants of India. The extent of applicability depends on classification of the entity. (Visit - https://www.icai.org/new_post.html?post_id=3046&c_id=251)

Regards,

Pradeep.