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        Case ID :
        Income Tax

        When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.

        8 September, 2017

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        Manual - ICDS I : Accounting Policies

        ICDS provides that if the fundamental accounting assumptions of Going Concern, Consistency and Accrual are followed, specific disclosure is not required. If a fundamental accounting assumption is not followed, the fact shall be disclosed. Revised Form 3CD of tax audit report provides necessary columns for such disclosures.

         

        Disclosure of fundamental accounting assumptions required when Going Concern, Consistency or Accrual are not followed in tax reporting. ICDS I requires that where the Going Concern, Consistency and Accrual assumptions are followed no specific disclosure is required, but any departure from these fundamental accounting assumptions must be disclosed; the revised tax audit reporting format provides columns to record such disclosures.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Disclosure of fundamental accounting assumptions required when Going Concern, Consistency or Accrual are not followed in tax reporting.

                              ICDS I requires that where the Going Concern, Consistency and Accrual assumptions are followed no specific disclosure is required, but any departure from these fundamental accounting assumptions must be disclosed; the revised tax audit reporting format provides columns to record such disclosures.


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