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Accounting Standards Applicability to Non Corporate Assessee

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nikita SHAH

chartered accountant

194 Points Posted on 26 August 2020

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

This discussion clarifies that older accounting standards are not obsolete for non-corporate assessees. Indian Accounting Standards (Ind AS) are primarily for listed companies or those with a net worth of at least Rs. 250 crore. For proprietorships, partnerships, LLPs, and companies with a net worth below this threshold, existing accounting standards remain applicable.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 26 August 2020

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.