[Illustrative Checklist] Disclosure requirements under AS 1 | Disclosure of Accounting Policies
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 31 December, 2022
Latest from Taxmann
AS 1 deal with the disclosure of significant accounting policies followed in preparing and presenting financial statements. The purpose of this Standard is to promote a better understanding of financial statements by establishing through an accounting standard the disclosure of significant accounting policies and the manner in which accounting policies are disclosed in the financial statements. Such disclosure would also facilitate a more meaningful comparison between the financial statements of different enterprises.
As per the requirement of this AS, an entity is required to follow the below-mentioned disclosure requirements:
I. Check whether the entity has disclosed all significant accounting policies adopted in the preparation and presentation of financial statements.
II. Check whether the entity has disclosed the significant accounting policies as such should form part of the financial statements and the significant accounting policies should normally be disclosed in one place.
III. Check whether the entity has disclosed any change in the accounting policies which has a material effect in the current period or which is reasonably expected to have a material effect in later periods. Also, where a change in accounting policies has a material effect in the current period, whether the entity has disclosed the amount by which any item in the financial statements is affected by such change to the extent ascertainable. Further, where such an amount is not ascertainable wholly or in part, the fact should be indicated.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
