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Home Acts & Rules Direct Taxes Rules Accounting Standards U/s 145(2) Chapters List Old - ICDS for AY 2016-17 (Since withdrawn) This
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ICDS - 01 (old) - Accounting Policies - only for AY 2016-17 - Accounting Standards U/s 145(2)

Extract

..... other sources" and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 ('the Act') and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent. Scope 1. This Income Computation and Disclosure Standard deals with significant accounting policies. Fundamental Accounting Assumptions 2. The following are fundamental accounting assumptions, namely: - (a) Going C .....

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ICDS - 01 (old) - Accounting Policies - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... state of affairs and income of the business, profession or vocation. For this purpose, (i) the treatment and presentation of transactions and events shall be governed by their substance and not merely by the legal form; and (ii) marked to market loss or an expected loss shall not be recognised unless the recognition of such loss is in accordance with the provisions of any other Income Computation and Disclosure Standard. 5. An accounting policy shall not be changed without reasonable cause. Disc .....

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ICDS - 01 (old) - Accounting Policies - only for AY 2016-17 - Accounting Standards U/s 145(2)

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..... ed, specific disclosure is not required. If a fundamental accounting assumption is not followed, the fact shall be disclosed. Transitional Provisions 10. All contract or transaction existing on the 1st day of April, 2015 or entered into on or after the 1st day of April, 2015 shall be dealt with in accordance with the provisions of this standard after taking into account the income, expense or loss, if any, recognised in respect of the said contract or transaction for the previous year ending on .....

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ICDS - 01 (old) - Accounting Policies - only for AY 2016-17 - Accounting Standards U/s 145(2)

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