Key Takeaways: This post explains which accounting standards apply to non-company entities such as partnership firms, LLPs, trusts and societies. It covers the ICAI criteria based on turnover and borrowings, classification into Level I to IV entities, and exemptions available, helping small entities determine their compliance obligations.
The scheme for applicability of Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) to non-company entities shall come into effect for accounting periods commencing on or after 1 April 2020. For the applicability of Accounting Standards, non-company entities are classified into four categories:
- Level I
- Level II
- Level III
- Level IV
Download the below file to check about it and the applicability of Accounting Standards to the above categories of non-company entities is summarized as under:
Applicability of AS to Non-Co Entities – Karwa and Associates
Contact – anshul@karwaandassociates.com
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