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<h1>Ind AS: Law Overrules Standards in Conflicts, Compliance Required for Financial Statements; Only Material Items Apply.</h1> Indian Accounting Standards (Ind AS) are designed to align with applicable laws, but if a law is amended and conflicts with an Ind AS, the law takes precedence, and financial statements must comply with the law. These standards apply only to material items and consist of paragraphs in bold italic and plain type, both holding equal authority. Bold italic paragraphs highlight main principles. Each Ind AS should be interpreted in the context of its stated objectives and these general instructions.