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of <h1>Revised ICDS I: Key Accounting Policies for Business Income and Disclosure Norms Explained</h1> The Income Computation and Disclosure Standards (ICDS) I (Revised) outlines accounting policies for computing income under 'Profits and gains of business or profession' or 'Income from other sources' for tax purposes. It emphasizes fundamental assumptions like going concern, consistency, and accrual, but excludes materiality and prudence. Transactions should reflect economic substance over legal form. Changes in accounting policies require a reasonable cause and must be disclosed if they have a material effect. The ICDS mandates disclosure of significant accounting policies and deviations from fundamental assumptions, differing slightly from Accounting Standard 1 on disclosure norms.
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