Accounting Standards

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Vishal Ojha (Querist)
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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)
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29 June 2011 Provisions of Schedule VI will prevail over Accounting Standard

Vishal Ojha

Vishal Ojha (Querist)
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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)
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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)
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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)
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01 July 2011 https://www.primeacademy.com/murugappa-prime-scheduleVI-vt.pdf

GREEN COLOUR TEXT ARE NEW PROVISIONS

Vishal Ojha

Vishal Ojha (Querist)
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04 July 2011 Sir,

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

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