Accounting standard 19 is not applicable to level 2 and level 3 enterpirse however it is applicable to level 1.
Definition of level 1 includes Holding and subsidiary enterprises of an enterprise, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. 50 crore. Turnover does not include 'other income'.
What if the holding company is a foreign company and its turnover exceeds INR 50Cr, will subsdiary company still fall under level 1.
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