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Change in accounting policy - When is to be changed - What should be the basis for change in accounting policy

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Dated: 4-10-2017

Manual - ICDS I : Accounting Policies

Accounting policies adopted by a person shall be such so as to represent a true and fair view of the state of affairs and income of the business, profession or vocation.

The treatment and presentation of transactions and events shall be governed by their substance and not merely by the legal form

An accounting policy shall not be changed without reasonable cause.  



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