TMI BlogI - Accounting policies (w.e.f. AY 2017-18)X X X X Extracts X X X X X X X X Extracts X X X X ..... isclosure 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 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assumption that accounting policies 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 whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 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 disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accrual are followed, specific disclosure is not required. If a fundamental accounting assumption is not followed, the fact shall be disclosed. Transitional Provisions 10. All contract or transaction existing on the 1st day of April, 2016 or entered into on or after the 1st day of April, 2016 shall be dealt with in accordance with the provisions of this standard after taking into account t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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