08 January 2010
if a proprieter not follow AS as per ICAI In finallising its A/C & it has no liablity to Audit in any statuory enactment,can he is liable,or he has the right to say he has no knowledge of AS?
08 January 2010
As the prop. is not liable for audit he need not follow AS. However he should take care that non following of the same shall not result in voilation of Income Tax act or any other law for time being in force. Regards
CAclubindia
