section 25 companies

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2011 CMA Sanjay Gupta has given a detailed analysis of section 25 companies. Thanks. I would like to know one more thing. Please confirm if accounting standards are applicable to such companies.

CA bhargava

CA bhargava (Expert)
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17 February 2011 Accounting standards are applicable to Section 25 companies also as per Sec 211.
The section has specially granted exemtion for Insurance , Banking, power generation , and any other compay.
Sec 25 co is not covered , there fore they are covered and P & L and balance sheet are to complied with accounting standards.

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 Please confirm the position in case of an organisation which does not have any commercial activity. It receives grants, which are utilised for conducting training and other programs for the benefit of public at large

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Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2011 This query is resolved