As 22

Originally posted by : MUTHUSAMY
	WHETHER AS 22 APPLICABLE TO A PARTNERSHIP CONCERN OE NOT ?

Non-corporate enterprises, such as sole proprietors, partnership firms, trusts, Hindu Undivided Families, association of persons and co-operative societies will now be required to follow Accounting Standards (AS) 22, Accounting for Taxes on Income, in respect of accounting periods commencing on or after 1-4-2006.

The decision to this effect has been taken by the Council of the Institute of Chartered Accountants of India (ICAI), at its meeting, held on June 24-26, 2004. The applicability of AS 22 has been deferred for those noncorporate enterprises which were required to follow AS 22 in respect of accounting periods commencing on or after 1-4-2003.