Briefly mention the compliance requirement of Accounting Standards.

The Accounting standards will be mandatory from the respective dates mentioned in the Accounting Standards. The mandatory status of accounting standards implies that while discharging their attest functions, it will be the duty of member of ICAI to examine that the accounting standard has been complied with in the presentations of the financial statement covered by their audit. In the event of any deviation from the accounting standards, it will be their duty to make adequate disclosure in their audit reports so that the users of the financial statement may be aware of such deviation. Ensuring compliance with the accounting standard while preparing the financial statement is the responsibility of the management of the enterprises. Statutes governing certain enterprises require that the financial statement should be prepared in compliance with the Accounting Standards. Financial Statements cannot be described as complying with the accounting standards unless they comply with all the requirements of each applicable accounting standard.