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Applicability of Ind AS to Societies registered in India

NAVEEN KUMAR ANDHAVARAPU (FINANCE) (96 Points)

16 September 2023

Whether Ind AS applicable to Societies registered in India? If not, which accounting standards will apply to societies for accounting?

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4 Replies

Yasaswi Gomes new (Finance ) (4486 Points)
Replied 17 September 2023

Societies turnover must be more than 500 crores plus all commercial transactions.

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 17 September 2023

Yasaswi Gomes new (Finance ) (4486 Points)
Replied 17 September 2023

Thats what i meant about commercial activities. Society accoubting is not interesting to me cause my job role is freelanceer and work from home

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 18 September 2023

Accounting Standered ( AS) issued by ICAI are applicable to the Societies registered under any Law , Societies are non corporate body , IND As are not applicable to Societies . Check out Guidelines issued by the ICAI for Financial Statements of Non Corporate entities .