Company accounting standards applicability clarified: specified classes must follow Ind AS, others must follow legacy Accounting Standards. The Annexure to these rules sets Indian Accounting Standards (Ind AS) for the company classes in rule 4, which such companies must follow exclusively; companies outside those classes must follow the Accounting Standards in the 2006 Rules exclusively and not the Ind AS.
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Provisions expressly mentioned in the judgment/order text.
Company accounting standards applicability clarified: specified classes must follow Ind AS, others must follow legacy Accounting Standards.
The Annexure to these rules sets Indian Accounting Standards (Ind AS) for the company classes in rule 4, which such companies must follow exclusively; companies outside those classes must follow the Accounting Standards in the 2006 Rules exclusively and not the Ind AS.
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