When there is a conflict between the provisions of any applicable Act and the Accounting Standard, then :

CS Executive · Corporate and Management Accounting · PYQS · December 2022
When there is a conflict between the provisions of any applicable Act and the Accounting Standard, then :
(A) The provisions of the Act shall prevail
(B) The provision of the Accounting Standards shall prevail
(C) The provisions of the Act or Accounting Standard shall prevail, as opted by the company
(D) The provisions of the Act or Accounting Standard shall prevail, as decided by the Registrar of companies.

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Accounting Standards

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