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Accounting standard

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(Querist)
10 May 2010 Kindly tell if a Accounting Standard is not followed by the company what is the result of this.

For Example: As per AS-15, actuarial valuation is required but the company is not following this. Auditor has mentioned this in his Notes on accounts. What are the consequences of this.
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CA Kartik Pandya

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CA Kartik Pandya (Expert)
10 May 2010 As per my knowledge if auditor has mentioned in his Notes then company should give compliance for the same and from next year onwards company should follow and give the assurance for the same.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
10 May 2010 read section 211(7) and 221(8)
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