Norms for revenue recognition and asset classification set binding directions for Nidhi and Mutual Benefit Societies. Two Notifications dated 26.07.2001-GSR 555(E) and GSR 556(E)-were circulated directing compliance by Nidhi and Mutual Benefit Societies, with GSR 555(E) issuing mandatory directions and superseding earlier GSRs and GSR 556(E) prescribing norms for revenue recognition and classification of assets; recipients were instructed to implement the Notifications and acknowledge receipt.
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Provisions expressly mentioned in the judgment/order text.
Norms for revenue recognition and asset classification set binding directions for Nidhi and Mutual Benefit Societies.
Two Notifications dated 26.07.2001-GSR 555(E) and GSR 556(E)-were circulated directing compliance by Nidhi and Mutual Benefit Societies, with GSR 555(E) issuing mandatory directions and superseding earlier GSRs and GSR 556(E) prescribing norms for revenue recognition and classification of assets; recipients were instructed to implement the Notifications and acknowledge receipt.
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