Accounting policy selection and disclosure: true and fair requirement governs recognition, going concern and retrospective application. Selection and application of accounting policies under ICDS I, AS 1/AS 5 and Ind AS 1/Ind AS 8 aim to present a true and fair view with substance over form, prudence and materiality guiding choices; Ind AS requires application of specific Ind ASs or management judgement to ensure relevance and faithful, neutral, prudent and complete reporting. ICDS and AS lack detailed going concern assessment guidance while Ind AS requires consideration of at least twelve months of future information and disclosure if not a going concern. ICDS restricts recognition of mark-to-market losses to other ICDS permissions; changes in accounting policies require disclosure and are generally applied retrospectively under AS and Ind AS.