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A Level I non-corporate entity must comply with which set of ASs?
ANone — exempt
BOnly the standards relating to disclosure
COnly AS 1 and AS 2
DAll applicable Accounting Standards in full
Answer & Solution
Correct answer: D. All applicable Accounting Standards in full
1. Step 1: ICAI categorises non-corporate entities into Level I, II, III, IV.
2. Step 2: Level I — the largest — must apply all ASs in full without exemption.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 3 "Applicability of Accounting Standards"_