Dear Professional friends
As per AS 18 available on icai.com, AS 18 is applicable to following companies:
1. Enterprises whose equity or debt securities are listed whether in India or outside India.
2. Enterprises which are in the process of listing their equity or debt securities as evidenced by the board of directors’ resolution in this regard.
3. Banks including co-operative banks.
4. Financial institutions.
5. Enterprises carrying on insurance business.
6. All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. 50 crore.
7. Turnover does not include ‘other income’.
8. All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess ofRs. 10 crore at any time during the accounting period.
9. Holding and subsidiary enterprises of any one of the above at any time during the accounting period.
The enterprises which do not fall in any of the above categories are not required to apply this Standard.
Is there any change in the above criteria?
Since my company donot fall in any of the above categories, then can I say that AS 18 is not applicable.
Please reply asap
Regards
Malav
CAclubindia
