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Conflict between Accounting standard and Schedule III

Pavan Kumar (Finance Manager) (31 Points)

16 January 2020

If there is a conflict between Accounting Standard and Schedule III, then which will prevail?

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5 Replies

Anjali lakra (473 Points)
Replied 17 January 2020

Companies Act will prevail and you need to provide reason for deviation from accounting standard in such case.

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sabyasachi mukherjee (27597 Points)
Replied 29 February 2020

Pavan
clarify with live examples

Kapadia Pravin (17259 Points)
Replied 01 March 2020

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 😇😇

sabyasachi mukherjee (27597 Points)
Replied 01 March 2020

Schedule III IS ENACTED BY COMPANIES ACT.
IT IS A NOTIFIED ACCOUNTING STANDARD.

Kapadia Pravin (17259 Points)
Replied 01 March 2020

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 .