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

ICDS - 01 - Income computation and disclosure standards - w.e.f. AY 2017-18 - Other Direct Tax Provisions - ICDS - 01 - A. Income Computation and Disclosure Standard I relating to accounting policies (Vide notification no. 87/2016 dated 29-9-2016 w.e.f. Assessment Year 2017-18) 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" a .....

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rn" 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 vocation for the foreseeable future. (b) Consistency "Consistency" refers to the assumption that accounting policies are consistent from one period to another; (c) Accrual "Accrual" refers to the assumption that revenues and costs are accrue .....

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ome 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. Disclosure of Accounting Pol .....

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