Accounting policies: ICDS requires disclosure, substance-over-form treatment, and restricts recognition of marked-to-market losses.

ICDS I requires disclosure of significant accounting policies for computation of business or other income, prescribes that policies present a true and fair view and reflect substance over form, and restricts recognition of marked-to-market or expected losses except as allowed by other ICDS. It sets out three fundamental assumptions - Going Concern, Consistency and Accrual - mandates disclosure of significant policies and material changes, and provides transitional rules for contracts and transactions straddling the commencement of the Standard.

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