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Comparison of ICDS-I, AS 1 & IndAS-1 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

Extract

..... unting policies are:- a. Prudence b. substance over Form c. Materiality When an Ind AS specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the Ind AS. True & Fair Accounting policies adopted by a person shall be so as to represent a True & Fair view of the state of the affairs and income of the business, profession or vocation. The primary consideration in the selection of accounting policies by an enterprise is that the financial statements prepared and presented on the basis of such accounting policies should represent a true and fair view of the state of affairs of the enterprise as at the balance sheet date and of the profit or lo .....

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Comparison of ICDS-I, AS 1 & IndAS-1 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... all be disclosed. If fundamental accounting assumptions is not followed, The fact shall be disclosed. When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern. Mark to market losses and expected losses There is a specific provision that 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 ICDS. For example, ICDS II provides for valuation of inventories at cost or net realisable value, whichever is lower. However, no guidance is included on expected or marked to .....

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Comparison of ICDS-I, AS 1 & IndAS-1 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... olicies should be made only if it is required by statute, for compliance with an Accounting Standard or for a more appropriate presentation of the financial statements on a prospective basis (unless transitional provisions, if any, of an accounting standard require otherwise) together with a disclosure of the impact of the same, if material. If a change in the accounting policy has no material effect on the financial statements for the current period, but is expected to have a material effect in the later periods, the same should be appropriately disclosed However, change in depreciation method, though considered a change in accounting policy, is given retrospective effect. (See discussion on Property, Plant and Equipment below) Requires re .....

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Comparison of ICDS-I, AS 1 & IndAS-1 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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