applicability of accounting standard to a society

 AS is applicable on society

every financial statement attested by CA then they have to comply AS

Originally posted by : vishwas
	Whether accounting standards are applicable to a society(100% charitable) registered under socities act which is subject to compulsory audit by a chartered accountant.

The accounting standards are only applicable to business entities carring out commercial activities hence a chartitable trust doesn't fall under the category of commercial entity hence AS are not applicable. Please refer to the note belw:

Paragraph 3.3 of the ‘Preface to the Statements of Accounting Standards’ provides, inter alia, as below:

“3.3 The Institute will issue the Accounting Standards for use in the presentation of the general purpose financial statements issued to the public by such commercial, industrial or business enterprises as may be specified by the Institute from time to time and subject to the attest function of its members.”