Whose provision will be preferred in case of conflict between Accounting Standards and Revised Schedule VI?
2 Replies
Joey Tribbiani
(fdg)
(2010 Points)
Replied 16 June 2012
Accounting standard as has been expressly mentioned in the schedule.
Praveen Kumar
(Manager - Finance & Accounts)
(189 Points)
Replied 16 June 2012
In case of conflict b/w AS and Revised Schedule VI ,Provision of AS may be follow because it is stated in the Revised Schedule Vi that
"Requirements of the Act and/or Standards will override the related requirement of Schedule VI."
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