AS - 22

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K Balaji

K Balaji (Querist)
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21 January 2009 To whom AS - 22 is applicable and not applicable?????

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21 January 2009 Enterprises are divided into three levels
AS-22 APPLICABLE TO ALL ENTERPRISES.

Level I - Enterprises which fall in any one of the following categories at any time during the accounting period are classified as Level - I enterprises.

i) Enterprise whose equity or debt securities are listed whether in India or outside India.
ii) 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 Insurance Business.
vi) All Commercial, Industrial and business reporting enterprises, whose turnover for the immediately preceeding accounting period on the basis of audited financial statements exceeds
Rs.50 Crores. Turnover does not include other income.
vii) All Commercial, Industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs.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.

Level II - Enterprises which are not Level - I enterprises but fall in any one ore more of the following categories are classified as Level - II enterprises.

i) All Commercial, Industrial and business reporting enterprises, whose turnover for the immediately preceeding accounting period on the basis of audited financial statements exceeds
Rs.40 lakhs but does not exceed Rs.50 Crores. Turnover does not include other income.
ii) All Commercial, Industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs.1 Crore but not in excess of Rs.10 Crore at any time during the accounting period.
iii) Holding and Subsidiary enterprises of any one of the above at any time during the accounting period.

Level III - Enterprises which are not covered under Level - I and Level - II are considered as Level - III enterprises.