As-18 applicabilty

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Vivek Bhola

Vivek Bhola (Querist)
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29 November 2012 In case of company, AS-18 is applicable or not. what is difference between enterprises & company?.

CA Manish

CA Manish (Expert)
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29 November 2012 Enterprise is wider term then co. it includes each type of business entity.

Applicability of AS -18

i)Enterprises which are in the process of listing their equity or debt
securities as evidenced by the board of directors’ resolution in
this regard.
(iii) Banks including co-operative banks.
(iv) Financial institutions.
(v) Enterprises carrying on insurance business.
(vi) All commercial, industrial and business reporting enterprises,
whose turnover for the immediately preceding accounting period
on the basis of audited financial statements exceeds Rs. 50 crore.
Turnover does not include ‘other income’.
(vii) All commercial, industrial and business reporting enterprises having
borrowings, including public deposits, in excess ofRs. 10 crore at
any time during the accounting period.
(viii) Holding and subsidiary enterprises of any one of the above at any
time during the accounting period.
The enterprises which do not fall in any of the above categories are not
required to apply this Standard.