Enumerate the Accounting Standard applicable to non-corporate entities. Also mention the exemption from complying Accounting Standards.

Accounting Standards contain wholesome principles of accounting and can be viewed as standardised language of business to communicate high quality information in financial statements based on principles of transparency, consistency and also comparability and reliability. Accounting standards are a set of principles which entities follow while preparing the financial statements providing a standardised way of describing the entity's financial position and financial performance. Following Accounting Standards are applicable wholly or partially to non-corporate entities as per their activities: AS1: Disclosure of Accounting Policies AS2: Valuation of Inventories AS 3: Cash Flow Statements AS 4: Contingencies and Events Occurring After the Balance Sheet Date AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies AS 7: Construction Contracts AS 9: Revenue Recognition AS 10: Property, Plant & Equipment AS 11: The Effects of Changes in Foreign Exchange Rates AS12: Accounting for Government Grants AS 13: Accounting for Investments AS 14: Accounting for Amalgamations AS 15: Employee Benefits AS 16: Borrowing Costs AS 17: Segment Reporting AS 18: Related Party Disclosures AS 19: Leases AS 20: Earnings Per Share AS 21: Consolidated Financial Statements AS 22: Accounting for Taxes on Income AS 23: Accounting for Investments in Associates in Consolidated Financial Statements AS 24: Discontinuing Operations AS 25: Interim Financial Reporting AS 26: Intangible Assets AS 27: Financial Reporting of Interests in Joint Ventures AS28: Impairment of Assets AS 29: Provisions, Contingent Liabilities and Contingent Assets. Exclusion of an entity from the applicability of the Accounting Standards is permissible only if no part of the activity of such entity is commercial, industrial or business in nature.