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Commentary
Amended by The Finance Act, 2018
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12 Records 
INTRODUCTION
1.1 Income Computation and Disclosure Standards (ICDSs) notified by CBDT
1.2 Section 145(2) read down by the Delhi High Court to restrict power of Central Govt.
1.3 Retrospective validating provision enacted by Finance Act, 2018 with retrospective effect from AY 2017-18
1.4 Accounting standards - Concept and role
1.5 Whether ICDS applicable to Banks, NBFCs, Insurance Co. & Power-Sector
SALIENT FEATURES OF THE NOTIFIED INCOME COMPUTATION AND DISCLOSURE STANDARDS (NEW)
2.1 Salient features of ICDS
2.2 ICDS applicable w.e.f. AY 2017-18
2.3 ICDS applicable to assessees following mercantile system of accounting
2.4 ICDS for income computation, not for maintenance of books of account
2.5 Provisions of Act to prevail in case of conflict with ICDS
2.6 Rules to prevail in case of conflict with ICDS
2.7 Judicial precedents to prevail over ICDS in case of conflict
2.8 Applicability to assessees covered by presumptive taxation u/ss 44AD, 44ADA and 44AE
ICDS-I (NEW) - ACCOUNTING POLICIES
3.0 Legislative History
3.1 Effective Date
3.2 Preamble to ICDS-I (New)
3.3 Scope of ICDS-I (New)
3.4 ICDS-I (New) vis-a-vis ICDS-I
3.5 'Prudence' recognized by ASs not recognized by ICDS
3.6 ICDS-I (New) v. (AS)1
3.7 ICDS-I (New) vs. Ind AS 1
3.8 Fundamental accounting assumptions
3.9 ccounting policies
3.10 Considerations in the selection of accounting policies
3.11 Change in accounting policy
3.12 Disclosure of significant accounting policies and changes in accounting policies
3.13 Disclosure of effect of ICDSs on profit in ITRs
ICDS-II (NEW) - VALUATION OF INVENTORIES
4.0 Legislative History
4.1 Effective date
4.2 Preamble
4.3 Scope [Para 1 of ICDS-II (New)]
4.4 ICDS-II (New) vis-a-vis ICDS-II
4.5 ICDS-II (New) vs. (AS) 2
4.6 ICDS-II (New) vs. Ind AS 2
4.7 Whether stock is an asset or a cost
4.8 ICDS-II (New) vis-a-vis section 145A
4.9 Definitions
4.10 Measurement
4.11 Cost of inventories
4.12 Costs of purchase
4.13 Costs of services
4.14 Costs of conversion
4.15 Other costs
4.16 Exclusions from the cost of inventories
4.17 Cost formulae
4.18 Net realisable value
4.19 Value of opening inventory
4.20 Change of method of valuation of inventory
4.21 Valuation of inventory in case of dissolution of Partnership Firm/AOP/BOI
4.22 Disclosure
ICDS-III - CONSTRUCTION CONTRACTS
5.0 Legislative History
5.1 Effective date
5.2 Preamble
5.3 Scope
5.4 ICDS (New) vs. ICDS-III (New) vs. (AS) 7
5.5 ICDS-III (New) v. (AS) 7
5.6 ICDS-III (New) v. Ind (AS) 11
5.7 ICDS-III (New) vs. The Act
5.8 Definitions
5.9 Combining and segmenting construction contracts
5.10 Contract revenue
5.11 Contract costs
5.12 Recognition of contract revenue and expenses
5.13 Disclosure
ICDS-IV (NEW) - REVENUE RECOGNITION
6.0 Legislative History
6.1 Effective date
6.2 Preamble
6.3 Scope
6.4 ICDS-IV (New) vs. ICDS-IV
6.5 ICDS-IV (New) vs. (AS) 9
6.6 ICDS-IV vs. Ind AS 18
6.7 ICDS-IV (New) vs. The Act
6.8 "Revenue"
6.9 Sale of goods
6.10 Rendering of services
6.11 The use of resources by others yielding interest, royalties or dividends
6.12 Disclosure
ICDS-V (NEW) - TANGIBLE FIXED ASSETS
7.0 Legislative History
7.1 Effective date
7.2 Preamble
7.3 Scope
7.4 ICDS-V (New) vs. ICDS-V
7.5 ICDS-V (New) vs. (AS) 10
7.6 ICDS-V (New) vs. Ind AS 16
7.6A ICDS-V (New) vs. The Act
7.7 Definitions
7.8 Identification of tangible fixed assets
7.9 Components of actual cost
7.10 Self-constructed tangible fixed assets
7.11 Tangible asset acquired for non-monetary consideration
7.12 Cost of addition or extension to an existing tangible fixed asset
7.13 Improvements and repairs
7.14 Valuation of tangible fixed assets in special cases
7.15 Depreciation
7.16 Transfers
7.17 Disclosures
ICDS-VI (NEW) - THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES
8.0 Legislative History
8.1 Effective Date
8.2 Preamble
8.3 Scope
8.4 ICDS-VI (new) vs ICDS-VI
8.5 ICDS-VI (New) vs (AS)11 v. Ind AS
8.6/7 ICDS-VI (New) vs. The Act
8.8 Definitions
8.9 Foreign currency transactions
8.10 Financial statements of foreign operations
8.11 Forward exchange contracts
8.12 Disclosure requirements
8.13 Taxability of Foreign Currency Translation Reserve (FCTR)
ICDS-VII (NEW) - GOVERNMENT GRANTS
9.0 Legislative History
9.1 Effective date
9.2 Preamble
9.3 Scope
9.4 ICDS-VII (New) vs. ICDS-VII
9.5 ICDS-VII (New) vs. (AS) 12
9.6 ICDS-VII (New) vs.Ind AS 20
9.7 ICDS-VII (New) vs. THE ACT
9.8 Definitions
9.9 Recognition of Government grants
9.10 Treatment of Government grants
9.11 Government Grants in the form of non-monetary assets
9.12 Refund of Government grants
9.13 Disclosures
ICDS-VIII (NEW) - SECURITIES
10.0 Legislative History
10.1 Effective date
10.2 Preamble
10.3 Scope of Part A of ICDS-VIII (New) dealing with securities held as stock-in-trade
10.4 ICDS-VIII (New) vs. AS 13
10.5 Definitions
10.6 Recognition and initial measurement of securities held as stock-in-trade
10.7 Subsequent measurement of securities held as stock-in-trade
10.8 Classification, Recognition and Measurement of Securities held by a Scheduled Bank or Public Financial Institution - New Part B of ICDS-VIII (New)
10.9 Disclosures
ICDS-IX (NEW) - BORROWING COSTS
11.0 Legislative History
11.1 Effective date
11.2 Preamble
11.3 Scope
11.4 ICDS-IX (New) vs. ICDS-IX
11.5 ICDS-IX (New) vs. (AS) 16
11.6 ICDS-IX (New) vs. Ind AS 23
11.7 ICDS-IX (New) vs. Act
11.8 Definitions
11.9 Recognition
11.10 Borrowing costs eligible for capitalisation
11.11 Commencement of capitalisation
11.12 Cessation of capitalisation
11.13 Disclosure
ICDS-X (NEW) - PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
12.0 Legislative History
12.1 Effective date
12.2 Preamble
12.3 ICDS-X (New) vs. ICDS-X
12.4 Scope
12.5 ICDS-X (New) vs. (AS) 29
12.6 ICDS-X (New) vs. Ind AS 37
12.7 Definitions
12.8 Recognition
12.9 Measurement
12.10 Use of provisions
12.11 Disclosure