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Question

nayana (N.A) (216 Points)

23 March 2009

AS -17 aplicable to whome ? we are doing audit of one event Managment Co.as there events are in diffrent cities regularly like Mumbai,Kolkatta,Banglore......so i wanted to know that As -17 will applicable to them or not ,does AS -18 is mandatory for all co

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CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
Replied 23 March 2009

This Standard is mandatory in nature for enterprises which falls under one or more of the following categories, at any time during the accounting period:

(i) Enterprises 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

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.

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chintan (article) (28 Points)
Replied 28 March 2009

i am doing audit of a chemical factory(in maharashtra)..... i struck up with a query that in case of sales vouching.... i found that in some invoices the freifgt is charged before vat / cst ...... & in others the freight is charged after vat / cst, so while calculating vat / cst freight is to be considered or not ?