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Accounting Standards Applicability to Non Corporate Assessee
Hamare jo purane accounting standards hai wo kya obsolete ho gaye matlab jo non corporate assessee hai unko bhi ab IND AS applicable hoga?
Replies (4)
Quick Summary
No, Madam
Ind AS is applicable to only corporate listed on stock exchange (i.e Listed Company ) or having Net worth greater than or equal to Rs. 250 crore.
In all other cases, Accounting standard is still applicable.
So, for all Non corporate assessee's like Proprietorship, Partnership firm, LLP and Company having net worth less than 250 crores, Accounting standard are applicable, it's not obsolete/scrapped/removed.
Ind AS is applicable to only corporate listed on stock exchange (i.e Listed Company ) or having Net worth greater than or equal to Rs. 250 crore.
In all other cases, Accounting standard is still applicable.
So, for all Non corporate assessee's like Proprietorship, Partnership firm, LLP and Company having net worth less than 250 crores, Accounting standard are applicable, it's not obsolete/scrapped/removed.
Thanks
Welcome............
Sagar do u have any document on latest AS applicable to non corporates
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