Applicability of as to non-corporate entities, Accounting - Auditing

[Bijay Shrestha]

Is it legally mandatory to follow AS for Non-corporate entities like Proprietors, firms, etc. (Other than Companies) like companies??

is there any legal consequences or punishments if they do not use AS issued by ICAI?

because in many cases they have their own set of accountings and policies.

Please kindly advise.

Read more at: http://www.caclubindia.com/forum/applicability-of-as-to-non-corporate-entities-374184.asp

Posts / Replies

[Ganeshan Kalyani]

In my view accounting standards are applicable to both corporate and non-corporate as well.