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of <h1>AS 1 Requires Clear Disclosure of Key Accounting Policies and Changes for Transparency in Financial Statements.</h1> The Accounting Standard (AS) 1 mandates the disclosure of significant accounting policies in financial statements to ensure transparency and comparability across enterprises. It emphasizes that the choice of accounting policies, which can vary significantly, should be disclosed to present a true and fair view of an enterprise's financial state. Fundamental accounting assumptions like going concern, consistency, and accrual are assumed unless otherwise stated. The standard requires that any changes in accounting policies with material effects be disclosed, including the impact on financial statements. This disclosure should be centralized within the financial statements for clarity.
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