9.9.4- Companies (Accounting Standards) Rules, 2021

4. Obligation to comply with Accounting Standards.-

(1) Every company, other than companies on which Indian Accounting Standards as notified under Companies (Indian Accounting Standards) Rules, 2015 are applicable, and its auditor(s)shall comply with the Accounting Standards in the manner specified in the Annexure.

(2) The Accounting Standards shall be applied in the preparation of Financial Statements