Accounting Standard applicable to SMC

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Avnish Gupta (Querist)
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26 August 2009 Plaease provide information about non-applicability or exemption from following Certain Accounting standard for Micro,Small & Medium Sized Company.

Is AS-15, As - 18 & AS-22 applicable on SMC.

vrnanda

vrnanda (Expert)
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01 September 2009 Hi Avnish Gupta,

please find the following answer for the applicable accounting standards to SMC in detais

1. AS - 15 - Employee Benefits - Applicable
2. AS - 18 - Related Party Discosure - Applicable
3. AS - 22 - Accounting for Taxes on Income - Applicable.

Find the following standards that are not applicable to the SMC such as AS - 3, AS - 17, AS - 21, AS - 23, AS - 25, As - 27.

Hope this information is helpful.

Thanks