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.
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.
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