TaxTMI 
TaxTMI 
Requirement to follow Accounting Standards / Ind-As
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....equirement to follow Accounting Standards / Ind-As<br> Query (Issue) Started By: - Brainstorming Queries Dated:- 23-6-2023 Last Reply Date:- 23-6-2023 Accounting - Auditing<br>Got 2 Replies<br>Compani....
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....es Law<br>Whether all the persons, business entities or companies are required to follow the Accounting Standards prescribed by the ICAI or MCA? There are various kinds of standards as prescribed. Whi....
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....ch one is to be followed for an entity. Reply By Charu Tyagi: The Reply: There are 2 types of standards on Accounting as prescribed by MCA and recognised by ICAI * Accounting Standards (Indian GAA....
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....P) * Indian Accounting Standards as notified by MCA in 2015 For the purpose of application of above mentioned standards one has to check net worth of the entity/companies For more clarification re....
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....fer Manuals on Indian Accounting Standard Reply By Charu Tyagi: The Reply: * Any assesee who needs to maintain books of account on mercantile basis should follow accounting standards (Indian GAAP) ....
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....irrespective of their Net Worth and * Assessee whose net worth exceeds the limits as per the Phase I & Phase II has to follow Indian Accounting Standards (IndAS).<br> Discussion Forum - Knowledge Sh....
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....aring ....