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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
Guide to Accounting Standards: Applicability for Corporate, Non-Corporate, SMC, Non-SMC, Levels I-III Entities The article outlines the applicability of various accounting standards to different types of entities, categorized as corporate, non-corporate, small and medium-sized companies (SMC), non-SMC, and levels I, II, and III. It lists specific standards such as AS1 for Disclosure of Accounting Policies, AS2 for Valuation of Inventories, and AS3 for Cash Flow Statements, indicating whether each standard is applicable to each entity type. Some standards, like AS15 on Employee Benefits and AS19 on Leases, are only partly applicable to certain entities. The article serves as a guide for determining which accounting standards apply to various organizational structures. (AI Summary)