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of <h1>ICDS I Withdrawn: Key Accounting Policies for Business Income Emphasized True and Fair View for AY 2016-17</h1> The Income Computation and Disclosure Standard (ICDS) I for AY 2016-17, now withdrawn, was applicable for computing income under 'Profits and gains of business or profession' or 'Income from other sources.' It emphasized accounting policies based on fundamental assumptions like Going Concern, Consistency, and Accrual. Accounting policies should reflect a true and fair view, with changes requiring reasonable cause and disclosure of significant effects. Specific disclosures are mandated for changes in policies, and incorrect treatments cannot be rectified by mere disclosure. Transitional provisions applied to contracts from April 1, 2015.
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