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Conflict between Accounting standard and Schedule III
If there is a conflict between Accounting Standard and Schedule III, then which will prevail?
Replies (5)
Quick Summary
Companies Act will prevail and you need to provide reason for deviation from accounting standard in such case.
Pavan
clarify with live examples
clarify with live examples
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.
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Something new
Clarify with live Examples 😇😇
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 😇😇
Schedule III IS ENACTED BY COMPANIES ACT.
IT IS A NOTIFIED ACCOUNTING STANDARD.
IT IS A NOTIFIED ACCOUNTING STANDARD.
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 .
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 .
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