Applicability of acconting standards - very urgent
This query is : Resolved
24 July 2012
Hi,
If in any Company AS-3 Cash flow and AS-20 Earning per share
were not applicable as per old schedule VI because it doesnot satisfy the condition required for preparing Cashflow and EPS, is the company under obligation to adhere with AS-3 and AS-20 as per revised schedule VI even if the conditions mentioned in the relevant AS is not satisfied.
If the relevant AS is not applicable does it require any disclosure in notes to accounts.
Thanks in advance
If in any Company AS-3 Cash flow and AS-20 Earning per share
were not applicable as per old schedule VI because it doesnot satisfy the condition required for preparing Cashflow and EPS, is the company under obligation to adhere with AS-3 and AS-20 as per revised schedule VI even if the conditions mentioned in the relevant AS is not satisfied.
If the relevant AS is not applicable does it require any disclosure in notes to accounts.
Thanks in advance
24 July 2012
Accounting standards will precide over revised schedule VI requirements. It is part of its preface.
Thus if the standards were not applicable in old schedule VI, it will continue to be not applicable even under Revised Schedule VI, unless it falls into those particular standards.
Thus if the standards were not applicable in old schedule VI, it will continue to be not applicable even under Revised Schedule VI, unless it falls into those particular standards.
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