Applicability of Accounting Standards

Corporate Entities

(To Follow either AS Notified by C.G -Companies (AS) Rules, 2006 or Ind A.S)

-Small & Medium Companies (SMC)

-Non-Small & Medium Companies (Non-SMC)

Non-Corporate Entities

(To follow either AS issued by ICAI or ICDS)

  • Level-I Entities – Large Size Entities (To Fully Comply All A.S–No Exemption)
  • Level-II Entities – Medium Size Entities (Certain exemptions-given in Ann-2)
  • Level-III Entities – Small Size Entities (Certain exemptions-given in Ann-2)
  • Level-IV Entities – Micro Entities (Certain exemptions-given in Ann-2)

AS Applicability for Non-Corporates

  • Effective for Accounting Periods from 1.4.2020

Instead of 3 levels. Now 4 levels.

Definitions:

Level                 Turnover Or Borrowing
Old Now Old Now
I (Large) > 50Cr > 250Cr >10Cr > 50Cr
II (Medium) 1-50Cr 50-250Cr 1-10Cr 10- 50Cr
III (Small) < 1Cr 10- 50Cr < 1Cr 2-10Cr
IV (Micro) N.A <10 Cr N.A < 2 Cr

Applicability:

AS Level II Entities Level III Entities Level IV Entities
AS 1 Applicable Applicable Applicable
AS 2 Applicable Applicable Applicable
AS 3 Not Applicable Not Applicable Not Applicable
AS 4 Applicable Applicable Applicable
AS 5 Applicable Applicable Applicable
AS 6 Applicable Applicable Applicable
AS 7 Applicable Applicable Applicable
AS 8 Applicable Applicable Applicable
AS 9 Applicable Applicable Applicable
AS 10 Applicable Applicable with Disclosure Exemption Applicable with Disclosure Exemption
AS 11 Applicable Applicable with Disclosure Exemption Applicable with Disclosure Exemption
AS 12 Applicable Applicable Applicable
AS 13 Applicable Applicable Applicable with Disclosure Exemption
AS 14 Applicable Applicable Not Applicable
AS 15 Applicable with Exemptions Applicable with Exemptions Applicable with Exemptions
AS 16 Applicable Applicable Applicable
AS 17 Not Applicable Not Applicable Not Applicable
AS 18 Applicable Not Applicable Not Applicable
AS 19 Applicable with Disclosure Exemption Applicable with Disclosure Exemption Applicable with Disclosure Exemption
AS 20 Not Applicable Not Applicable Not Applicable
AS 21 Not Applicable Not Applicable Not Applicable
AS 22 Applicable Applicable Applicable
AS 23 Not Applicable Not Applicable Not Applicable
AS 24 Applicable Applicable Applicable
AS 25 Not Applicable Not Applicable Not Applicable
AS 26 Applicable Applicable Applicable with Disclosure Exemption
AS 27 Not Applicable Not Applicable Not Applicable
AS 28 Applicable with Disclosure Exemption Applicable with Disclosure Exemption Not Applicable
AS 29 Applicable with Disclosure Exemption Applicable with Disclosure Exemption Applicable with Disclosure Exemption

Author Bio

Qualification: CA in Practice
Company: Rahul S Singh and Associates ,Chartered Accountants
Location: South Delhi, Delhi, India
Member Since: 11 Jul 2020 | Total Posts: 12
I am recently qualified Practicing Chartered Accountants (CA) in May 19 and also a B.Com graduate from Delhi University View Full Profile

My Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Review us on Google

More Under Company Law

One Comment

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031