S.R.Babu Shankar (CFO) (111 Points)
20 August 2009We are a 100% subsidiary of a Company which is listed in Australia. Our turnover is below Rs50 crores and debt is also below Rs10 Crores. We are classified as Level II for applicability of Accounting Standards. Whether we are classified as Level I since we are a subsidiary of Listed company which is incorporated and listed outside India.
Can any body clarify on this. This is our first year of opeartion after incorporation. Holding company refered in Level I is Indian or outside India company.
Abhisekh
(Article)
(26 Points)
Replied 30 August 2009
Sir the applicability of a/c stds is no longer governed by ICAI's notifications. A/cing Std Rules 2006 have been notified and the applicability of a/cing stds is governed by it.
Since ur company is a subsidiary of a listed company, eventhough the company is listed in australia it shall be covered under erstwile level 1 enterprise definition.
Abhisekh
(Article)
(26 Points)
Replied 30 August 2009
All d a/cing stds shall be applicable 2 ur Co. (Excepting AS 21,23 n 27)
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
