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of <h1>Section 145(2) of Income-tax Act: Assessees Must Disclose Accounting Policies for True, Fair Financial Statements</h1> The statutory provisions under section 145(2) of the Income-tax Act, 1961, require all assessees using the mercantile accounting system to disclose significant accounting policies in their financial statements. These disclosures must be consolidated in one place and include any material changes in accounting policies, along with their impact. Accounting policies should ensure a true and fair view of the financial state, adhering to principles like prudence, substance over form, and materiality. Fundamental assumptions such as going concern, consistency, and accrual need not be disclosed unless they are not followed. Definitions for key terms such as accounting policies, accrual, consistency, financial statements, and going concern are provided.
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