Accounting Standards

This query is : Open

Vishal Ojha (Querist)
Follow

29 June 2011 Dear Sir,

Whenever there is a conflict between the Accounting Standards issued by ICAI, statute and Revised schedule VI, which one should be followed in priority.

Ravikant

Ravikant (Expert)
Follow

29 June 2011 Provisions of Schedule VI will prevail over Accounting Standard

Vishal Ojha

Vishal Ojha (Querist)
Follow

30 June 2011 Hi,

First of all let me clarify that statute here is referred to Companies Act 1956.
And I hv been told by my A/c's teacher that prority should be as follows:
1.AS
2.Co. Act 1956
3.Revised Shcedule VI

If you can validate your answer with some reference, please.

Ravikant

Ravikant (Expert)
Follow

30 June 2011 Accounting Standard will prevail over Provisions of 'Revised Schedule VI'
i didnt see the word revised in your quest,,

Vishal Ojha

Vishal Ojha (Querist)
Follow

01 July 2011 Sir,
kindly give some refference regarding this matter,to validate this answer.
Their is a long discussion going on this issue among my colleagues.

Ravikant

Ravikant (Expert)
Follow

01 July 2011 https://www.primeacademy.com/murugappa-prime-scheduleVI-vt.pdf

GREEN COLOUR TEXT ARE NEW PROVISIONS

Vishal Ojha

Vishal Ojha (Querist)
Follow

04 July 2011 Sir,

what about the Co.Act 1956, where does it ranks.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now