Financial Daily from THE HINDU group of publications
Thursday, Jan 06, 2005
Financial Daily from THE HINDU group of publications Thursday, Jan 06, 2005 |
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Corporate
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Accounting Standards ICAI council clears revised standard on employee benefits K.R. Srivats
New Delhi , Jan. 5 THE Central Council of the Institute of Chartered Accountants of India (ICAI) on Tuesday cleared a revised accounting standard (AS) on `employee benefits'. This revised AS 15, when issued, would replace the existing Accounting Standard on `Accounting for Retirement Benefits in the financial statement of Employers'. Informed sources said that the revised AS 15 would be mandatory for "level 1 enterprises" in respect of accounting period beginning April 1, 2006. The `Level 1' enterprises include listed entities or entities in the process of listing, banks, including co-operative banks, financial institutions, insurance companies, all other companies with turnover in excess of Rs 50 crore in a financial year and enterprises with public deposits in excess of Rs 10 crore. As regards the applicability of the revised AS 15 for small and medium enterprises, sources said that a final decision has to be arrived at on this issue. The Central Council has also given its nod for the revised version of the guidance note on `independence of auditors'.
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