Requirement to follow Accounting Standards / Ind-As

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..... Requirement to follow Accounting Standards / Ind-As
Query (Issue) Started By: - Brainstorming Queries Dated:- 23-6-2023 Last Reply Date:- 23-6-2023 Accounting - Auditing
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Compan .....

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..... ies Law
Whether all the persons, business entities or companies are required to follow the Accounting Standards prescribed by the ICAI or MCA? There are various kinds of standards as prescribed. Wh .....

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..... ich one is to be followed for an entity. Reply By Charu Tyagi: The Reply: There are 2 types of standards on Accounting as prescribed by MCA and recognised by ICAI * Accounting Standards (Indian GA .....

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..... AP) * Indian Accounting Standards as notified by MCA in 2015 For the purpose of application of above mentioned standards one has to check net worth of the entity/companies For more clarification r .....

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..... efer Manuals on Indian Accounting Standard Reply By Charu Tyagi: The Reply: * Any assesee who needs to maintain books of account on mercantile basis should follow accounting standards (Indian GAAP) .....

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..... irrespective of their Net Worth and * Assessee whose net worth exceeds the limits as per the Phase I & Phase II has to follow Indian Accounting Standards (IndAS).
Discussion Forum - Knowledge S .....

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..... haring .....

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