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of <h1>ICDS-I: Changes in Accounting Policies Require 'Reasonable Cause' Aligned with AS 5 for Enhanced Financial Statement Presentation.</h1> ICDS-I stipulates that accounting policies should not be altered without a 'reasonable cause,' though the term is not explicitly defined. The concept of 'reasonable cause' is well-established, offering flexibility to taxpayers in appropriate situations and is assessed individually. A change in accounting policy is deemed 'reasonable' if it aligns with AS 5 criteria, which allows changes if mandated by law, necessary for compliance with accounting standards, or if it enhances the presentation of financial statements.
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