Accounting standards

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Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2012 If a company accounts is deviated from Indian Accounting Standards, then what are the consequences and where all do we have to report while preparing the finacials of the Company

CA Vijay Kumar Walande

CA Vijay Kumar Walande (Expert)
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21 August 2012 Dear Friend. Compliance of Accounting Standards while preparing accounts is mandatory.
Section 211 of Companies Act 1956 ensures the mandatory compliance of accounting standards and puts the responsibility on the management of the enterprise.

Also is the duty of members of institute to ensure that accounting standards are complied with in preparation of accounts and any deviation should be disclosed adequately in the reports.

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