Is Ind AS is applicable to partnership firm

s Ind AS is applicable to partnership firm dealing in construction business and how the accounting is done. how gst and income tax is applicable for advance received from customer
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Quick Summary
This discussion explores the applicability of Ind AS to partnership firms, particularly those in the construction sector. It delves into how accounting, GST, and income tax are handled for advance payments received from customers. While Ind AS doesn't explicitly cover partnership accounting beyond joint operations/ventures, the consensus is to follow Ind AS for reporting assets and liabilities, with profits recognised according to the Partnership Act and liabilities shared in the agreed ratio.

Types of business combination doesn’t mention partnership accounting apart from joint operations and joint ventures. You have to work accordingly. I’ll get back if I get any info

If you have partnership, joint ventures or operations is valid. Gst on transactions will be the same. All liabilities will be borne in their partnership ratio

I meant to say, if IndAS is applicable to partnerships, report assets, liabilities, expenses, gains as per IndAS. Take profits as per partnership act

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