Accounting std appliacble to private co

hetalsangoi (Querist) 11 August 2012 This query is : Resolved
which are the ACCOUNTING STD WHICH IS APPLICABLE TO PVT CO WHOSE TURNOVER & net worth of co is 5 cr in different mentioned turnover?

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Guest (Expert) 12 August 2012
Query is not clear, AS (Accounting Standards) is standard and does not go by turnover.

Guest (Expert) 12 August 2012
The Ministry of Corporate Affairs has notified the 35 Accounting STandards on 25 February 2011 for various purposes, but without specifying any date of implementation. However, India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards.

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