Financial Daily from THE HINDU group of publications
Sunday, Jun 27, 2004
Financial Daily from THE HINDU group of publications Sunday, Jun 27, 2004 |
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Corporate
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Accounting Standards ICAI defers applicability of AS-22 to non-corporate bodies Our Bureau
New Delhi , June 26 NON-CORPORATE enterprises such as sole proprietors, partnership firms, trusts, hindu undivided families (HUFs), association of persons and cooperative societies may have cause for cheer. These enterprises would now be required to conform to the accounting standard on deferred taxation (AS-22) only with effect from April 1, 2006. According to an ICAI statement, the decision to defer the applicability of AS-22 has been taken with a view to provide more time to such non-corporate enterprises for effective implementation. Prior to the latest decision, such non-corporate enterprises were required to follow AS-22 in respect of accounting periods commencing on or after April 1, 2003.
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