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Accounting Standard 29
Provisions, Contingent Liabilities and Contingent Assets
(In this Accounting Standard, the standard portions have been set in bold italic type. These should be read in the context of the background material, which has been set in normal type, and in the context of the ‘Preface to the Statements of Accounting Standards’ .)
Accounting Standard (AS) 29, ‘Provisions, Contingent Liabilities and Contingent Assets’, issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-2004. This Standard is mandatory in nature from that date:
(a) in its entirety, for the enterprises which fall in any one or more of the following categories, at any time during the accounting period:
(i) Enterprises whose equity or debt securities are listed whether in India or outside India. ...
(vi) All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. ... 10 crore at any time during the accounting period.
(viii) Holding and subsidiary enterprises of any one of the above at any time during the accounting period.
(b) in its entirety, except paragraph 67, for the enterprises which do not fall in any of the categories in (a) above but fall in any one or more of the following categories:
(i) All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs. ... 10 crore at any time during the accounting period.
(iii) Holding and subsidiary enterprises of any one of the above at any time during the accounting period. ...
Where an enterprise has previously qualified for exemption from paragraph 67 or paragraphs 66 and 67, as the case may be, but no longer qualifies for exemption from paragraph 67 or paragraphs 66 and 67, as the case may be, in the current accounting period, this Standard becomes applicable, in its entirety or, in its entirety except paragraph 67, as the case may be, from the current period.
Approximate Word count = 1720
Approximate Pages = 6.9
(250 words per page double spaced)
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