Mark the following statements as True or False

State whether the following statements are True or False Accounting Standards aim to harmonise diverse accounting practises. Accounting Standards and Generally Accepted Accounting Principles (GAPP) are one and the same thing. Accounting Standards are statutory provisions and not mere guidelines. Accounting Standards are issued by amending the Companies Act, 1956. The Accounting Standards Board (India) need not take into consideration the applicable laws prevailing in India, which formulate the Accounting Standards. As per the Companies Act, every Profit and Loss Account and Balance Sheet shall comply with the Accounting Standards. For the purpose of applicability of Accounting Standards, enterprises are classified into three broad categories. Accounting Standard–1 is related to “Disclosure of Accounting Policies.” Accounting Standard (AS)–6 (Revised) is issued relating to “Revenue Recognition.” Accounting Standard–9 (AS)–9 is related to depreciation.

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