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of <h1>New Accounting Standards for Mercantile System: Disclosure of Policies, Prior Period, and Extraordinary Items per Section 145(2.</h1> The Central Government issued a notification under Section 145(2) of the Income-tax Act, 1961, mandating specific accounting standards for assessees using the mercantile system. Accounting Standard I requires disclosure of significant accounting policies, emphasizing prudence, substance over form, and materiality. Changes in accounting policies with material effects must be disclosed. Accounting Standard II addresses disclosure of prior period and extraordinary items. It mandates separate disclosure of such items in financial statements and stipulates that changes in accounting policies or estimates must be disclosed if they have material effects. This notification is effective from April 1, 1996, applicable from the assessment year 1997-98 onwards.
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