What are the accounting standards applicabe to Manufacturing Concerns in India. ?
Pradeep Kamath
(Chartered Accountant)
(134 Points)
Replied 18 August 2013
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.
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