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Accounting Standards for non-corporate entities in India are issued by:
Accounting Standards for non-corporate entities in India are issued by:
Accounting Standards:
Accounting Standards:
It is essential to standardize the accounting principles and policies in order to ensure
It is essential to standardize the accounting principles and policies in order to ensure
Which committee is responsible for approval of accounting standards and their modification for the purpose of applicability to companies?
Which committee is responsible for approval of accounting standards and their modification for the purpose of applicability to companies?
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Global Standards facilitate
Global Standards facilitate
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IFRS stands for:
IFRS stands for:
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Accounting Standards cover the aspect of________?
Accounting Standards cover the aspect of________?
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Additional guidance given in Ind AS over and above what is given in IFRS are called?
Additional guidance given in Ind AS over and above what is given in IFRS are called?
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Non-corporate entities which are not Level I entities whose turnover (excluding other income) exceeds rupees but does not exceed rupees two-fifty crores in the immediately preceding accounting year are classified as Level IIentities.
Non-corporate entities which are not Level I entities whose turnover (excluding other income) exceeds rupees but does not exceed rupees two-fifty crores in the immediately preceding accounting year are classified as Level IIentities.
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The following Accounting Standard is not applicable to Non-corporate Entitiesfalling in Level II in its entirety.
The following Accounting Standard is not applicable to Non-corporate Entitiesfalling in Level II in its entirety.
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All non-corporate entities engaged in commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees 250 crores in the immediately preceding accounting year, are classified as
All non-corporate entities engaged in commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees 250 crores in the immediately preceding accounting year, are classified as
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Study Notes
Accounting Standards for Non-Corporate Entities in India
- Accounting Standards for non-corporate entities in India are issued by the Ministry of Corporate Affairs (MCA).
- The Ministry of Corporate Affairs (MCA) is responsible for approving and modifying accounting standards for companies.
- Global Standards facilitate international comparability and transparency in financial reporting.
- IFRS is an abbreviation for International Financial Reporting Standards.
- Accounting Standards cover the aspect of financial reporting.
- Additional guidance given in Ind AS over and above what is given in IFRS are called specific Indian guidance.
- Non-corporate entities which are not Level I entities whose turnover (excluding other income) exceeds rupees one crore.
- but does not exceed rupees two-fifty crores in the immediately preceding accounting year are classified as Level II entities.
- The following Accounting Standard is not applicable to Non-corporate Entities falling in Level II in its entirety: Ind AS 116 Leases.
- All non-corporate entities engaged in commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees two-fifty crores in the immediately preceding accounting year, are classified as Level I entities.
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