https://www.taxtmi.com/article/detailed?id=9809 Notes and disclosures forming part of financial statements are integral to the balance sheet and profit and loss account; where notes show profits understated or overstated, adjustments to reported profit may be made if the effect is reasonably ascertainable and consistent with accrual and matching principles. Disclosed liabilities or accrued expenses not debited in the profit and loss account should be deductible from book profit, and disclosed but uncredited income may be added to book profit, applying conservative treatment and considering reasons for non-recognition. en-us Mon, 31 May 2021 10:17:56 +0530 Mon, 31 May 2021 10:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9809 Notes and disclosures forming part of financial statements are integral to the balance sheet and profit and loss account; where notes show profits understated or overstated, adjustments to reported profit may be made if the effect is reasonably ascertainable and consistent with accrual and matching principles. Disclosed liabilities or accrued expenses not debited in the profit and loss account should be deductible from book profit, and disclosed but uncredited income may be added to book profit, applying conservative treatment and considering reasons for non-recognition. Articles Income Tax Mon, 31 May 2021 10:17:56 +0530 https://www.taxtmi.com/article/detailed?id=9809