If there confliction between companies act and accounting standard for specific transaction which one prevails AS or Companies Act. pls reply
Bimal Bansal (Article Assistant) (40 Points)
31 January 2014If there confliction between companies act and accounting standard for specific transaction which one prevails AS or Companies Act. pls reply
Deepak Gupta
(CA Student)
(15922 Points)
Replied 01 February 2014
| Originally posted by : Bimal Bansal | ||
 |
If there confliction between companies act and accounting standard for specific transaction which one prevails AS or Companies Act. pls reply |  |
Accounting standards cannot override the statute.
.
Accordingly, a requirement of an accounting standard is not applicable to the extent it is in conflict with the requirement of the relevant law.
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