The accounting standard AS3 (Revised) has become mandatory w.e.f. accounting periods beginning from 01-04-2001 for which of the following enterprise?

Question

Question

This question was previously asked in

UGC NET Paper-2: Commerce 25th Dec 2021 Shift 2

Commercial, industrial and business reporting enterprises whose turnover for the accounting period exceeds Rs. 50 crores.
Enterprises whose debt or equity securities are not listed on a recognised stock exchange.
All enterprises whose turnover exceeds Rs. 2 crores.
Only banking and insurance

Answer 1

The correct answer is option 1

Key PointsAccounting Standard 3 (Revised)

AS-3 amended in 1997 revised cash flow statements for listed companies and other industrial, commercial and business undertakings in the private and public sector is recommended.
Cash flows should be prepared in such a manner as the Cash flows should during the period separately for operating, investing and financial activities.
AS-3 (Revised) Accounting Standard becomes mandatory for commercial, industrial and business reporting enterprises whose turnover for accounting periods exceeds ₹50 crore for accounting periods beginning 1 April 2001.