Standards of accounting

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Kavi Arasu (Querist)
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07 September 2015 "the Standards of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority"

Have they prescribed? or

The existing Accounting Standards notified under the Companies Act, 1956 (the ‘Act’) shall continue to apply.

Amol S Joglekar

Amol S Joglekar (Expert)
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07 September 2015 For income tax purpose, the existing standards shall continue till the notification of the new one.

For companies act, as you have rightly pointed out, the standards under companies act shall prevail