Mandatory AS Compliance & Law

AFM Definition, Scope & Accounting Standards including Ind AS Free JAIIB Capsule 58 views Updated
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AFM · Definition, Scope & Accounting Standards including Ind AS
What are the legal implications under the Companies Act 2013 if a company's financial statements do not comply with mandatory Accounting Standards?
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Section 129(5) requires disclosure of the deviation, reasons, and financial effects. Section 134(5) casts responsibility on the Board of Directors.
Auditors must qualify their reports if mandatory standards are not followed, failing which they are guilty of professional misconduct.
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Mandatory AS Compliance & Law — Full Text

What are the legal implications under the Companies Act 2013 if a company's financial statements do not comply with mandatory Accounting Standards?

Answer

Section 129(5) requires disclosure of the deviation, reasons, and financial effects. Section 134(5) casts responsibility on the Board of Directors.

Additional notes

Auditors must qualify their reports if mandatory standards are not followed, failing which they are guilty of professional misconduct.

Part of Accounting & Financial Management for Bankers · Definition, Scope & Accounting Standards including Ind AS · Last updated

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