Question

How does Schedule III specify the relationship between its disclosure requirements and the Accounting Standards prescribed under the Companies Act, 2013?

a.

Schedule III entirely replaces the disclosure requirements of Accounting Standards.

b.

Schedule III and Accounting Standards have no connection; they are independent of each other.

c.

Schedule III requirements are in addition to and not in substitution of the disclosure requirements specified in Accounting Standards.

d.

Accounting Standards replace the disclosure requirements specified in Schedule III.

Answer: (c).Schedule III requirements are in addition to and not in substitution of the disclosure requirements specified in Accounting Standards. Explanation:Schedule III specifies that its disclosure requirements are in addition to and not in substitution of the disclosure requirements specified in Accounting Standards.

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Q. How does Schedule III specify the relationship between its disclosure requirements and the Accounting Standards prescribed under the Companies Act, 2013?

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