Accounting and auditing standards must be adopted by multi-State co-operative societies, with transitional ICAI standards and RBI rules for banks. Section 73 requires multi-State co-operative societies to adopt auditing and accounting standards determined by the Central Government; until such standards are specified, standards of the Institute of Chartered Accountants of India shall be deemed applicable, and multi-State co-operative banks must follow any accounting and auditing standards laid down by the Reserve Bank.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Accounting and auditing standards must be adopted by multi-State co-operative societies, with transitional ICAI standards and RBI rules for banks.
Section 73 requires multi-State co-operative societies to adopt auditing and accounting standards determined by the Central Government; until such standards are specified, standards of the Institute of Chartered Accountants of India shall be deemed applicable, and multi-State co-operative banks must follow any accounting and auditing standards laid down by the Reserve Bank.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
