TMI BlogAccounting Policies - only for AY 2016-17X X X X Extracts X X X X X X X X Extracts X X X X ..... 9-2016 ICDS I A. INCOME COMPUTATION AND DISCLOSURE STANDARD I RELATING TO ACCOUNTING POLICIES Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head Profits and gains of business or profession or Income from other sources and not for the purpose of maintenance of books of accounts. In the case of conflic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are consistent from one period to another; (c) Accrual Accrual refers to the assumption that revenues and costs are accrued, that is, recognised as they are earned or incurred (and not as money is received or paid) and recorded in the previous year to which they relate. Accounting Policies 3. The accounting policies refer to the specific accounting principles and the methods of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... policies adopted by a person shall be disclosed. 7. Any change in an accounting policy which has a material effect shall be disclosed. The amount by which any item is affected by such change shall also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact shall be indicated. If a change is made in the accounting policies which has no mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 or before the 31st March, 2015. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Mana ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
