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Conflict between Accounting standard and Schedule III

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Finance Manager
31 Points Joined September 2016
If there is a conflict between Accounting Standard and Schedule III, then which will prevail?
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On 16 January 2020 at 19:26 Report
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473 Points Joined April 2017
Companies Act will prevail and you need to provide reason for deviation from accounting standard in such case.
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On 17 January 2020 at 20:15
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Profession Business
28196 Points Joined May 2017
Pavan
clarify with live examples
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On 29 February 2020 at 21:10
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17264 Points Joined December 2018
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 😇😇
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On 01 March 2020 at 01:10
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Profession Business
28196 Points Joined May 2017
Schedule III IS ENACTED BY COMPANIES ACT.
IT IS A NOTIFIED ACCOUNTING STANDARD.
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On 01 March 2020 at 09:17
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17264 Points Joined December 2018
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 .
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On 01 March 2020 at 22:58

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