Accounting std appliacble to private co

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Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2012 which are the ACCOUNTING STD WHICH IS APPLICABLE TO PVT CO WHOSE TURNOVER & net worth of co is 5 cr in different mentioned turnover?

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2012 Accounting standard per se are applicable for all types of entities. It is for the prudent governance and use of accounting principles and practices and hence can not be construed as monopoly of any section of form of organisation.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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11 August 2012 If the turnover of your company for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. 40 lakhs but does not exceed Rs. 50 crores then your company falls under Level II Enterprise.
1.Accounting Standards fully applicable -
AS-1, AS-2, AS-4, AS-5, AS-6, AS-7, AS-8, AS-9, AS-10, AS-11, AS-12, AS-13, AS-14, AS-15, AS-16, AS-22, AS-26 and AS-28.

2.Accounting Standards applicable but relaxation from certain disclosure requirements-
As prescribed in AS-19, AS-20, and AS-29.

3. Accounting Standards not applicable
AS-3, AS-17, AS-18, AS-24, AS-21, AS-23, AS-25 and AS-27 are not applicable because of existing regulation in India.

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