List of Accounting Standards applicable to Non-Corporate Entities

The Accounting Standards Board of ICAI has issued an announcement called Criteria for Classification of Entities and Applicability of Accounting Standards in which the Board has classified the Entities into three categories based on turnover, borrowing, and other elements, which we have already learned.

The ASB of ICAI has shortlisted the Accounting Standards which have to be applied in the Financial Statements of the Non-Corporate Enterprises. And the Accounting Standards are applicable to all the Non-Corporate Entities (Level I, Level II, Level III) in their entirety. And the list of Accounting Standards are enumerated below

1. Accounting Standards 1 – Disclosures of Accounting Policies.
2. Accounting Standards 2 – Valuation of Inventories.
3. Accounting Standards 4 – Contingencies and Events Occurring After the Balance Sheet Date.
4. Accounting Standards 5 – Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies.
5. Accounting Standards 6 – Depreciation Accounting
6. Accounting Standards 7 – Construction Contracts
7. Accounting Standards 9 – Revenue Recognition
8. Accounting Standards 10 – Accounting for Fixed Assets
9. Accounting Standards 11 – The Effects of Changes in Foreign Exchange Rates
10. Accounting Standards 12 – Accounting for Government Grants
11. Accounting Standards 13 – Accounting for Investments
12. Accounting Standards 14 – Accounting for Amalgamations
13. Accounting Standards 16 – Borrowing Costs
14. Accounting Standards 22 – Accounting for Taxes on Income
15. Accounting Standards 26 – Intangible Assets

These are the list of Accounting Standards which are applicable to all the Non-Corporate Entities.