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of <h1>Entities May Change Accounting Policy If Required by Ind AS or to Enhance Financial Statements' Reliability and Relevance</h1> An entity may change its accounting policy if required by Indian Accounting Standards (Ind AS) or if it enhances the reliability and relevance of financial statements. Consistent application of accounting policies is crucial for comparability over time, though changes can occur in recognition, measurement, or presentation. Changes due to differing transactions or new policies for previously immaterial events are not considered changes in accounting policy. Changes should be applied retrospectively unless impracticable, adjusting financial statements and equity balances accordingly. Retrospective application includes tax effects, adjusting prior periods as necessary without withdrawing issued financial statements.
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