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Intensive Workshop on AS organised by Rajkot Branch of WIRC of ICAI

TODAY'S MENU. BACKGROUND AND APPLICABILITY OF ACCOUTING STANDARDDISUCSSION ON AS1

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Intensive Workshop on AS organised by Rajkot Branch of WIRC of ICAI

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    1. Intensive Workshop on AS organised by Rajkot Branch of WIRC of ICAI Accounting Standards – 1&2 by Kalpesh S. Doshi, FCA, DISA(ICA)

    2. TODAY’S MENU BACKGROUND AND APPLICABILITY OF ACCOUTING STANDARD DISUCSSION ON AS1 & 2 AUDIT CHECK LIST TAXATION ASPECTS

    3. Various issues relating to AS Applicability of AS. Scope of AS. Compliance of AS. Applicability of AS to charitable or religious organization. Clarification regarding dispute between AS and Guidance Notes.

    4. Accounting Standards Accounts are the language of business and accounting standards - the grammar of the language.

    5. 1. Applicability of AS For the purpose of applicability of Accounting Standards, enterprises are classified into three categories, viz., Level I, Level II & Level III. (Level II and Level III enterprises are considered as SMEs. )

    6. Criteria for Classification of enterprises Level I Enterprise (i) Listed Companies or in the process of listing (ii) Banks including co-operative banks. Financial institutions. Enterprises carrying on insurance business. Turnover exceeding Rs. 50 crore. Turnover does not include ‘other income’. borrowings, including public deposits, in excess of Rs. 10 crore at any time during the accounting period. Holding and subsidiary enterprises of any one of the above at any time during the accounting period.

    7. Criteria for Classification of enterprises Level II Enterprise Enterprises which are not Level I enterprises but fall in any one or more of the following categories are classified as Level II enterprises: whose turnover for the immediately preceding accounting period exceeds Rs. 40 lakhs but does not exceed Rs. 50 crore borrowings, including public deposits, in excess of Rs. 1 crore but not in excess of Rs. 10 crore at any time during the accounting period. holding and subsidiary enterprises of any one of the above at any time during the accounting period.

    8. Criteria for Classification of enterprises Level III Enterprise Enterprises which are not covered under Level I and Level II are considered as Level III enterprises.

    9. Chart for applicability of AS

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