Accounting StandardsĪn accounting standard is a set of principles, standards, and procedures that forms the systematic bookkeeping and other accounting functions in the firm over the year. If the company has not been in existence for less than 8 years, then for the whole life of the existence of the company. Period for the preservation of Books of AccountĮvery company shall preserve their books of accounts for 8 years immediately preceding the current year from the end of the current financial year.
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