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ICAI-AS

anshulmarele (Indore) (Senior Article Assistant) (55 Points)

23 August 2018

Which ICAI-AS, Guidance Notes, etc. applicable on Sole Proprietorship Concern which are not covered under tax audit?

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5 Replies

Divakar (Student CA Final ) (11857 Points)
Replied 23 August 2018

As is applicable to them.... According to their nature of work

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anshulmarele (Indore) (Senior Article Assistant) (55 Points)
Replied 23 August 2018

isn't there any list of name/Sr# of AS with Nature of work?

Divakar (Student CA Final ) (11857 Points)
Replied 23 August 2018

Every AS IS Specific... Like AS 2&10 Applicable to all business generally.... But AS 11 applicable only in case of foreign exchange transaction... As 12 in case of government grant... AS 13 in case of investment... AS 14 in case of amalgamation... So how anyone could say list of AS applicable to u.... It is identified upon ur nature of business activity

anshulmarele (Indore) (Senior Article Assistant) (55 Points)
Replied 23 August 2018

Means, Primarily every ICAI-AS is applicable to Sole Proprietorship Concerns and ultimately to apply to or not will depend upon whether they have transacted in that particular nature of work or not.

am I correct?