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Partnership accounting standards

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(Querist)
09 April 2014 Is accounting standards applicable to partnership/ sole proprietorship? Is it compulsory that they should follow it? If yes then what are the consequence of not following them?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 April 2014 Accounting standards are mandatory nature for corporate entities.

for partnership firms, it is recommendation nature. not compulsion. incase not followed no consequences

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