If there confliction between companies act and accounting standard for specific transaction which one prevails AS or Companies Act. pls reply
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As vs co. act
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| Originally posted by : Bimal Bansal | ||
 |
If there confliction between companies act and accounting standard for specific transaction which one prevails AS or Companies Act. pls reply |  |
Accounting standards cannot override the statute.
.
Accordingly, a requirement of an accounting standard is not applicable to the extent it is in conflict with the requirement of the relevant law.
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