hello friends,
"As per SA-700 Forming an opinion and reporting on Financial Statements (REVISED) Management may depart from requirements of financial reporting framework to achieve fair presentation of Financial statements but this is possible only in very few cases." Can anyone please give me a suitable example to clear out this stanza...Reply soon
Hello Anjali
Adoption of non mandatory accounting standards or IND AS or IFRS may give fair presentation of financials.
For instance, for recognition of revenue, IND AS 18 may be adopted instead of AS 9 which may give more clear picture of financials to users.
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