The accounting standard AS3 (Revised) has become mandatory w.e.f. accounting periods beginning from 01-04-2001 for which of the following enterprise?
Commercial, industrial and business reporting enterprises whose turnover for the accounting period exceeds Rs. 50 crores.
The first option matches the historical 2001 announcement: other commercial, industrial and business reporting enterprises whose turnover for the accounting period exceeded ₹50 crore. ICAI’s later 2004 applicability framework used the immediately preceding period; that later wording must not be substituted for the specified 2001 rule.
Important Questions from Indian Accounting Standards and IFRS
- Preparation of consolidated Balance Sheet of Holding Company and its subsidiary company is done as per
Match the items of List - I with those of List - II and indicate the correct code :
List - I (Accounting Standard) List - II (Relationship) (a) AS - 6 (iii) Depreciation Accounting (b) AS - 3 (iv) Accounting for Cash Flow Statement (c) AS - 10 (ii) Accounting for Fixed Assets (d) AS - 21 (i) Accounting for Consolidated Financial Statements Which one of the following Ind AS is related to “The Effects of Changes in Foreign Exchange Rates”?
- Accounting Standard-6 is meant for
AS–10 (new) has come into effect from
