Since ICDS is not applicable for the purposes of maintenance of books of account, then what is the purpose and ambit of ICDS I on Accounting Policies as accounting policies are applied for maintenance of books of accounts and preparing financial statements.

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..... I : Accounting Policies The ICDS is not a mere disclosure Standard because it requires income computation to factor in the elements of this Standard viz accrual, going concern and consistency. The accounting policies mentioned in ICDS-I being fundamental in nature shall be applicable for computing income under the heads Profits and gains of business or profession or Income from other source .....

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