Accounting policy selection: management must apply Ind AS guidance or develop policies using judgment when none exist. Entities must apply an applicable Ind AS to transactions, events or conditions and follow its mandatory guidance; immaterial effects need not be applied but immaterial departures to achieve a presentation are inappropriate. When no Ind AS specifically applies, management must develop and apply an accounting policy using judgment to provide relevant and reliable information, referring first to Ind ASs on similar issues and then to the Conceptual Framework, and, where consistent, to recent IASB pronouncements, other standard-setter guidance, accounting literature and industry practice. Policies must be applied consistently for similar transactions unless categorisation is permitted.