Indian Accounting Standards yield to applicable law when conflicts arise; they apply only to material items and follow stated objectives.

Indian Accounting Standards must conform to applicable law, and where a subsequent legal amendment conflicts with a Standard, the law prevails and financial statements shall be prepared accordingly. The Standards apply only to material items, and their paragraphs in bold italic and plain type have equal authority; bold italic paragraphs indicate main principles and each Standard must be read in the context of its objective and these General Instructions.

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