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    Question

    Which ICDS deals with Accounting

    Policies?
    A ICDS I Correct Answer Incorrect Answer
    B ICDS IV Correct Answer Incorrect Answer
    C ICDS II Correct Answer Incorrect Answer
    D ICDS III Correct Answer Incorrect Answer
    E ICDS V Correct Answer Incorrect Answer

    Solution

    ICDS stands for Income Computation and Disclosure Standards. It is a set of standards issued by the Government of India to govern the computation of income for tax purposes. ICDS I deals with the selection and application of accounting policies. It provides that accounting policies should be selected and applied consistently from one period to another, unless there is a change in circumstances that warrants a change in policy. ICDS I also requires that all significant accounting policies be disclosed in the financial statements

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