https://www.taxtmi.com/article/detailed?id=6195 Income Computation and Disclosure Standards require assessees using mercantile accounting to follow fundamental accounting assumptions, limit selection and change of accounting policies to those reflecting substance and true and fair presentation, and mandate disclosure of significant policies and material changes. For inventories, ICDS mandates measurement at the lower of cost and net realisable value with specified inclusions and exclusions in cost, permits FIFO or weighted average (or retail method where those cannot be applied), requires item-by-item NRV determination on reliable evidence, and prescribes disclosures including cost formula and carrying amounts. en-us Fri, 03 Apr 2015 07:06:02 +0530 Fri, 03 Apr 2015 07:06:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6195 Income Computation and Disclosure Standards require assessees using mercantile accounting to follow fundamental accounting assumptions, limit selection and change of accounting policies to those reflecting substance and true and fair presentation, and mandate disclosure of significant policies and material changes. For inventories, ICDS mandates measurement at the lower of cost and net realisable value with specified inclusions and exclusions in cost, permits FIFO or weighted average (or retail method where those cannot be applied), requires item-by-item NRV determination on reliable evidence, and prescribes disclosures including cost formula and carrying amounts. Articles Income Tax Fri, 03 Apr 2015 07:06:02 +0530 https://www.taxtmi.com/article/detailed?id=6195