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I - Accounting policies (w.e.f. AY 2017-18)

ICDS - 01 - Rules - Income computation and disclosure standards - w.e.f. AY 2017-18 - Accounting Standards U/s 145(2) - ICDS - 01 - A. Income Computation and Disclosure Standard I relating to accounting policies (Vide notification no. 87/2016 dated 2 .....

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rces" and not for the purpose of maintenance of books of account. 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 .....

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;Going concern" refers to the assumption that the person has neither the intention nor the necessity of liquidation or of curtailing materially the scale of the business, profession or vocation and intends to continue his business, profession or .....

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s 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 principle .....

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airs 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 expec .....

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counting Policies 6. All significant accounting 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 .....

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easonably expected to have a material effect in later previous years, the fact of such change shall be appropriately disclosed in the previous year in which the change is adopted and also in the previous year in which such change has material effect .....

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