AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
SL. | Name of the Standard | CORPORATE | NON CORPORATE | |||
|
| smc | non smc | LEVEL III | LEVEL II | LEVEL I |
AS1 | Disclosure of Accounting Policies | YES | YES | YES | YES | YES |
AS2 | Valuation of Inventories | YES | YES | YES | YES | YES |
AS3 | Cash Flow Statement | NO | YES | NO | NO | YES |
AS4 | Contingencies and Events Occuring After the Balance Sheet Date | YES | YES | YES | YES | YES |
AS5 | Net Profit Or Loss for the Period, Prior Period Items and Changes in Accounting Policies | YES | YES | YES | YES | YES |
AS6 | Depreciation Accounting | YES | YES | YES | YES | YES |
AS7 | Construction Contracts | YES | YES | YES | YES | YES |
AS9 | Revenue Recognition | YES | YES | YES | YES | YES |
AS10 | Accounting for Fixed Assets | YES | YES | YES | YES | YES |
AS11 | The Effect of Changes in Foreign Exchange Rates | YES | YES | YES | YES | YES |
AS12 | Accounting for Government Grant | YES | YES | YES | YES | YES |
AS13 | Accounting for Investments | YES | YES | YES | YES | YES |
AS14 | Accounting for Amalgamation | YES | YES | YES | YES | YES |
As15 | Employee Benefits | PARTLY | YES | PARTLY | PARTLY | YES |
AS16 | Borrowing Costs | YES | YES | YES | YES | YES |
AS17 | Segment Reporting | NO | YES | NO | NO | YES |
AS18 | Related Party Disclosure | YES | YES | NO | YES | YES |
AS19 | Leases | PARTLY | YES | PARTLY | PARTLY | YES |
AS20 | Earning Per Share | PARTLY | YES | NO | NO | YES |
AS21 | Consolidated Financial Statements | NO | YES | NO | NO | NO |
AS22 | Aaccounting for taxes on Income | YES | YES | YES | YES | YES |
AS23 | Accounting for investment in Associates in Consolidated Financial Statements | NO | YES | NO | NO | NO |
AS24 | Discountinuing Operations | YES | YES | NO | YES | YES |
AS25 | Interim Financial Reporting | NO | YES | NO | NO | YES |
AS26 | Intengible Assets | YES | YES | YES | YES | YES |
AS27 | Financial Reporting of Interest in Joint Ventures | NO | YES | NO | NO | NO |
AS28 | Impairment of Assets | PARTLY | YES | PARTLY | PARTLY | YES |
AS29 | Provision,Contingent Liabilities and Contingent Assets | PARTLY | YES | PARTLY | PARTLY | YES |
APPLICABILITY OF THE ACCOUNTING STANDARDS TO VARIOUS ENTITIES
CAGOPALJI AGRAWAL
Applicability of Accounting Standards clarifies which standards apply to corporate, non corporate and small entities across levels. A matrix assigns each Accounting Standard (AS1-AS29) to corporate and non corporate entities, small and non small companies, and compliance levels, showing that core recognition, measurement and disclosure standards are generally applicable across all entity types while consolidation, cash flow, segment reporting and certain specialized standards are often not applicable or only partly applicable to non corporate, small entity or lower level classifications. (AI Summary)