Accounting Standards for Sole Trader, LLP, HUF, OPC, Private Limited Company and Public Limited Comp

1) Accounting Standard ( ICAI ) Non Corporate entities

2) Indian Accounting Standard ( MCA ) Corporate entities

For Non Corporate entities Accounting Standard issued by ICAI are applicable. Non Corporate entities are divided in to 4 Catagories 1) Level I , 2)Level Ii 3) Level III 4) Level IV based on Turnover, So any non corporate entity in Level I catagory all accounting standards are applicable, however certain relaxation is given to Level Ii, III , IV Catagory.

For Corporate entities like , PVt LTD companies, Public Ltd Companies, Banking Companies, Insurance Companies. NBFC etc Indian Accounting Standard issued by MCA are applicable.

Tnks Sir for your kind help

Tnks Sir for your kind help