https://www.taxtmi.com/acts?id=6636 Notification under section 145(2) requires that all significant accounting policies adopted by assessees using the mercantile system be disclosed as part of the financial statements, normally in one place. Material changes in accounting policies must be disclosed with their impact and adjustments shown in the period of change or indicated if not ascertainable. Policies must enable a true and fair view and be governed by prudence, substance over form and materiality. Fundamental assumptions-going concern, consistency and accrual-need not be specifically disclosed if followed, but non adoption must be disclosed. en-us Sat, 19 Jan 2008 22:45:54 +0530 Fri, 18 Sep 2015 08:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6636 Notification under section 145(2) requires that all significant accounting policies adopted by assessees using the mercantile system be disclosed as part of the financial statements, normally in one place. Material changes in accounting policies must be disclosed with their impact and adjustments shown in the period of change or indicated if not ascertainable. Policies must enable a true and fair view and be governed by prudence, substance over form and materiality. Fundamental assumptions-going concern, consistency and accrual-need not be specifically disclosed if followed, but non adoption must be disclosed. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6636