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Is this an example for techniques by which management override controls?

The legal expert of X Ltd informed the management that it is probable that X Ltd will lose the case filed against them in court. The accounts team of X Ltd wants to recognize Contingent Liability as per AS 29 because outflow of future Economic benefits is not remote. TCWG of X Ltd tells the accounts team to ignore it for the accounting period ended.


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

02-Dec-20 13:49

6

Answers (1)

Best Answer

Yes


Suraj Lakhotia

Suraj Lakhotia

Admin

02-Dec-20 14:46