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Is Ind AS is applicable to partnership firm

rakesh (CA Final) (311 Points)

17 October 2021  
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

 3 Replies

yasaswi gomes (My grammar is 💯 good I)   (6493 Points)
Replied 18 October 2021

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

yasaswi gomes (My grammar is 💯 good I)   (6493 Points)
Replied 18 October 2021

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

1 Like

yasaswi gomes (My grammar is 💯 good I)   (6493 Points)
Replied 18 October 2021

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

1 Like

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