Whenever there is a conflict between the Accounting Standards issued by ICAI, statute and Revised schedule VI, which one should be followed in priority.
First of all let me clarify that statute here is referred to Companies Act 1956. And I hv been told by my A/c's teacher that prority should be as follows: 1.AS 2.Co. Act 1956 3.Revised Shcedule VI
If you can validate your answer with some reference, please.
01 July 2011
Sir, kindly give some refference regarding this matter,to validate this answer. Their is a long discussion going on this issue among my colleagues.
CAclubindia
