What are the criteria for rating a non-corporate entity as Level-II entity for the purpose of compl…
What are the criteria for rating a non-corporate entity as Level-II entity for the purpose of compliance of Accounting Standards in India ?
Simply speaking, non-corporate entities which are not level I and level III. So, the entity which does not fall under level I and III and fall in any one or more of the following categories are classified as level II entities:
(a) All commercial, industrial and business reporting entities, whose turnover exceeds rupees one crore but does not exceed rupees fifty crore in the immediately preceding accounting year.
(b) All commercial, industrial and business reporting entities having borrowings in excess of rupees one crore but not in excess of rupees ten crore at any time during the immediately preceding accounting year.
(c) Holding and subsidiary entities of any one of the above.
