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 ... Summary
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.
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