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    Guidance Notes and recommendatory Accounting Standards will be superseded by new mandatory Accounting Standards issued by the Institute of Chartered Accountants of India if they cover the same matters, unless the new standard specifies otherwise. Earlier mandatory Accounting Standards will also be superseded by new standards on the date the new standard becomes mandatory if they address the same matters.

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    Guidance Notes and recommendatory Accounting Standards will be superseded by new mandatory Accounting Standards issued by the Institute of Chartered Accountants of India if they cover the same matters, unless the new standard specifies otherwise. Earlier mandatory Accounting Standards will also be superseded by new standards on the date the new standard becomes mandatory if they address the same matters.

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    Cfction On As

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    Guidance Notes and recommendatory Accounting Standards will be superseded by new mandatory Accounting Standards issued by the Institute of Chartered Accountants of India if they cover the same matters, unless the new standard specifies otherwise. Earlier mandatory Accounting Standards will also be superseded by new standards on the date the new standard becomes mandatory if they address the same matters.

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    Clarification on Status of Accounting Standards and Guidance Notes

    In a situation where certain matters are covered both by an Accounting


    Standard and a Guidance Note, issued by the Institute of Chartered
    Accountants of India, the Guidance Note or the relevant portion thereof
    will be considered as superseded from the date of the relevant
    Accounting Standard coming into effect, unless otherwise specified in
    the Accounting Standard.

    Similarly, in a situation where certain matters are covered by a


    recommendatory Accounting Standard and subsequently, an
    Accounting Standard is issued which also covers those matters, the
    recommendatory Accounting Standard or the relevant portion thereof
    will be considered as superseded from the date of the new Accounting
    Standard coming into effect, unless otherwise specified in the new
    Accounting Standard.

    In a situation where certain matters are covered by a mandatory


    Accounting Standard and subsequently, an Accounting Standard is
    issued which also covers those matters, the earlier Accounting
    Standard or the relevant portion thereof will be considered as
    superseded from the date of the new Accounting Standard becoming
    mandatory, unless otherwise specified in the new Accounting Standard.

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