I - Accounting policies (w.e.f. AY 2017-18)

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....s applicable for computation of income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" and not for the purpose of maintenance of books of account. In the case of conflict between the provisions of the Income-tax Act, 1961 ('the Act') and this Income Computation and Disclosure Standard, the provisions of the Act sh....

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....ised as they are earned or incurred (and not as money is received or paid) and recorded in the previous year to which they relate. Accounting Policies 3. The accounting policies refer to the specific accounting principles and the methods of applying those principles adopted by a person. Considerations in the Selection and Change of Accounting Policies 4. Accounting policies adopted by a pe....

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....m is affected by such change shall also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact shall be indicated. If a change is made in the accounting policies which has no material effect for the current previous year but which is reasonably expected to have a material effect in later previous years, the fact of such change shall be appropr....