Are statements and guidance notes by icai are mandatory

Recommendatory and not mandatory

yes they r recommendatory..

if mandatory it would been a part of our syllabus. If mandatory it would have been taught in detail at our coaching centre. This is common sense The sense Guidance notes are released just to help the members and students to interpret a law, which is considered tricky to understand. Hence, if you are intelligent life form capable of understanding law of you own you need not mandatorily follow ICAI guidance notes.

The Institute has, from time to time, issued „Guidance Notes‟ and „Statements‟ on a number of matters. With the formation of the Accounting Standards Board and the Auditing Practices Committee, „Accounting Standards‟ and „Statements on Standard Auditing Practices‟ are also being issued. Members have sought guidance regarding the level of authority attached to the various documents issued by the Institute and the degree of compliance required in respect thereof. This note is being issued to provide this guidance. The „Statements‟ have been issued with a view to securing compliance by members on matters which, in the opinion of the Council, are critical for the proper discharge of their functions. ‘Statements’ therefore are mandatory.

I agree these are mandatory

Statements are mandatory... Guidance notes is recommendatatory....

statement - mandatory

example- Statement on auditing practice, statement on caro

 

gn - recomendatory

example - gn on share based payments

Analytical procedures = mathematical ratios etc.

hii am srinivas new to CA club https://icai.org/resource_file/13133Annexure-I_AASB_25092008.pdf veiw this link inthis icai it self told Guidance Notes are recommendatory in nature ‘Statements’ are mandatory.

Originally posted by : srinivasa rao
	https://icai.org/resource_file/13133Annexure-I_AASB_25092008.pdf veiw this link inthis icai it self told Guidance Notes are recommendatory in nature ‘Statements’ are mandatory.

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