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Questions and Answers
Accounting Standards for non-corporate entities in India are issued by:
Accounting Standards for non-corporate entities in India are issued by:
- Central Govt.
- MCA
- State Govt.
- Institute of Chartered Accountants of India. (correct)
Accounting Standards:
Accounting Standards:
- Harmonise accounting policies and eliminate the non-comparability of financial statements.
- Improve the reliability of financial statements.
- manipulate the data for the management.
- Both (a) and (b). (correct)
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
- Comparability.
- All the above. (correct)
- Consistency.
- Transparency.
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?
Global Standards facilitate
Global Standards facilitate
IFRS stands for:
IFRS stands for:
Accounting Standards cover the aspect of________?
Accounting Standards cover the aspect of________?
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?
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.
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.
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
Flashcards
Purpose of Accounting Standards
Purpose of Accounting Standards
To ensure transparency, consistency, and comparability of financial statements.
Accounting Standards for non-corporate entities in India
Accounting Standards for non-corporate entities in India
Accounting principles and policies issued by the Institute of Chartered Accountants of India (ICAI) to harmonize accounting policies and improve financial statement reliability.
Body approving Accounting Standards
Body approving Accounting Standards
The Ministry of Corporate Affairs (MCA) approves accounting standards for their applicability to Indian companies.
Global Accounting Standards
Global Accounting Standards
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IFRS (abbreviation)
IFRS (abbreviation)
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Aspect covered by Accounting Standards
Aspect covered by Accounting Standards
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Carve-ins
Carve-ins
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Level II entities (Non-Corporate)
Level II entities (Non-Corporate)
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Level I entities (Non-Corporate)
Level I entities (Non-Corporate)
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Level III entities (Non-Corporate)
Level III entities (Non-Corporate)
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Level IV entities (Non-Corporate)
Level IV entities (Non-Corporate)
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Small and Medium Sized Company (SMC) definition
Small and Medium Sized Company (SMC) definition
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Accounting Standard not applicable to Level II entities
Accounting Standard not applicable to Level II entities
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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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