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Manual - ICDS I : Accounting Policies
Accounting policies adopted by a person shall be such so as to represent a true and fair view of the state of affairs and income of the business, profession or vocation.
The treatment and presentation of transactions and events shall be governed by their substance and not merely by the legal form
An accounting policy shall not be changed without reasonable cause.
Accounting policy change requires reasonable cause and substance-over-form treatment to reflect a true and fair view. Accounting policies must present a true and fair view of the state of affairs and income; treatment and presentation must follow substance over legal form; an accounting policy shall not be changed without reasonable cause, and any change must serve faithful representation for income computation and disclosure.
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