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Conflict between Accounting standard and Schedule III

Pavan Kumar (Finance Manager) (31 Points)

16 January 2020

If there is a conflict between Accounting Standard and Schedule III, then which will prevail?

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5 Replies

Anjali lakra (473 Points)
Replied 17 January 2020

Companies Act will prevail and you need to provide reason for deviation from accounting standard in such case.

sabyasachi mukherjee (26047 Points)
Replied 29 February 2020

Pavan
clarify with live examples

Kapadia Pravin (17249 Points)
Replied 01 March 2020

Both are inter-linked.
Schedule III is prepared subject to compliance of notified mandatory accounting standards.
So the question which prevails over other shouldn't arise.
-------
Something new
Clarify with live Examples 😇😇

sabyasachi mukherjee (26047 Points)
Replied 01 March 2020

Schedule III IS ENACTED BY COMPANIES ACT.
IT IS A NOTIFIED ACCOUNTING STANDARD.

Kapadia Pravin (17249 Points)
Replied 01 March 2020

What the chap is writing in above post is .. ???
it's a mockery of law.
What that chap is coveying ????

Let me clear for Forum again that both are inter-linked.

Schedule III is in the Companies Act .
Accounting standards are also notified by enabling section under Companies Act .