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The Institute of Chartered Accountants of India, in its 400th meeting held on March 18-19, 2021 has announced that the scheme for applicability of Accounting Standards to Noncompany entities shall come into effect in respect of accounting periods commencing on or after April 1, 2020. Read the offici
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FAQ :
The scheme comes into effect for accounting periods commencing on or after April 1, 2020.
Non-company entities are classified into four categories: Level I (large), Level II (medium), Level III (small), and Level IV (micro).
Level IV, Level III, and Level II entities are referred to as Micro, Small and Medium size entities (MSMEs).
No, only Level I entities are required to comply in full with all Accounting Standards. Exemptions and relaxations are provided for Level II, Level III, and Level IV entities.
No, this announcement is not relevant for non-company entities who are already required to follow Ind AS as per applicable regulatory requirements.
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