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        Case ID :
        Income Tax

        Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.

        8 September, 2017

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        Manual - ICDS I : Accounting Policies

        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 appropriately disclosed in the previous (a) in the previous year in which the change is adopted; and (b) in the previous year in which such change has material effect for the first time.

         

        Accounting policy change disclosure required when future material effect is expected; disclose at adoption and when it first becomes material. Change in accounting policies that has no material effect in the current previous year but is reasonably expected to have material effect later must be disclosed: (a) in the previous year in which the change is adopted; and (b) in the previous year in which the change has material effect for the first time.
                        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.

                              Accounting policy change disclosure required when future material effect is expected; disclose at adoption and when it first becomes material.

                              Change in accounting policies that has no material effect in the current previous year but is reasonably expected to have material effect later must be disclosed: (a) in the previous year in which the change is adopted; and (b) in the previous year in which the change has material effect for the first time.


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