Will violation of industrial dispute act have material impact on financial statement
CA Final Refer MCQ 202 and 203
1 Answers
SA 250 divides law in 3 parts — direct effect / may have material effect / other laws (remaining)
Laws having direct effect means which generally have material impact — like schedule III / income tax act / gst etc
Then there are laws which MAY have material impact — Industrial Dispute Act may have material impact if there is non-compliance