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

The accounting standard AS3 (Revised) has become mandatory w.e.f. accounting periods beginning from 01-04-2001 for which of the following enterprise? Correct Answer Commercial, industrial and business reporting enterprises whose turnover for the accounting period exceeds Rs. 50 crores.

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.

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