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AS issued by ICAI are applicable to:
ANon-corporate entities such as partnership firms, sole proprietors
BOnly listed companies
COnly co-operative societies
DGovernment bodies only
Answer & Solution
Correct answer: A. Non-corporate entities such as partnership firms, sole proprietors
1. Step 1: ICAI-issued ASs apply to non-corporate entities (partnership firms, sole proprietorships, etc.).
2. Step 2: MCA-notified ASs apply to companies.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 3 "Applicability of Accounting Standards"_