Disclosure requirements as per ICDS

ICDS -1
The following aspects shall be disclosed, namely:

(a) All significant accounting policies adopted by a person shall be disclosed.

(b) Any change in an accounting policy which has a material effect shall be disclosed. The amount by which any item is affected by such change shall also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact shall be indicated. 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 year in which the change is adopted and also in the previous year in which such change has material effect for the first time.

(c) Disclosure of accounting policies or of changes therein cannot remedy a wrong or inappropriate treatment of the item

(d) If a fundamental accounting assumption is not followed, the fact shall be disclosed.

ICDS-2
The following aspects shall be disclosed, namely:

(a) the accounting policies adopted in measuring inventories including the cost formulae used. Where Standard Costing has been used as a measurement of cost, details of such inventories and a confirmation of the fact that standard cost approximates the actual cost; and

(b) the total carrying amount of inventories and its classification appropriate to a person.

ICDS-3
A person shall disclose:

(a) the amount of contract revenue recognized as revenue in the period; and
(b) the methods used to determine the stage of completion of contracts in progress.

A person shall disclose the following for contracts in progress at the reporting date, namely:

(a) amount of costs incurred and recognized profits (less recognized losses) upto the reporting date;
(b) the amount of advances received; and
(c) the amount of retentions.

ICDS-4
Following disclosures shall be made in respect of revenue recognition, namely:

(a) in a transaction involving sale of good, total amount not recognized as revenue during the previous year due to lack of reasonably certainty of its ultimate collection along with nature of uncertainty;
(b) the amount of revenue from service transactions recognized as revenue during the previous year;
(c) the method used to determine the stage of completion of service transactions in progress; and
(d) for service transactions in progress at the end of the previous year:

(i) amount of costs incurred and recognized profits (less recognized losses) upto end of previous year;
(ii) the amount of advances received; and
(iii) the amount of retentions.

ICDS-5
Following disclosure shall be made in respect of tangible fixed assets, namely:

(a) description of asset or block of assets;

(b) rate of depreciation;

(c) actual cost or written down value, as the case may be;

(d) additions or deductions during the year with dates; in the case of any addition of an asset, date put to use; including adjustments on account of -

(i) Central Value Added Tax credit claimed and allowed under the Cenvat Credit Rules, 2004;
(ii) change in rate of exchange of currency;
(iii) subsidy or grant or reimbursement, by whatever name called;

(e) depreciation Allowable; and

(f) written down value at the end of year

ICDS -6
No disclosure is required.

ICDS-7
Following disclosure shall be made in respect of Government grants, namely:

(a) nature and extent of Government grants recognized during the previous year by way of deduction from the actual cost of the asset or assets or from the written down value of block of assets during the previous year;

(b) nature and extent of Government grants recognized during the previous year as income;

(c) nature and extent of Government grants not recognized during the previous year by way of deduction from the actual cost of the asset or assets or from the written down value of block of assets and

(d) reasons thereof; and nature and extent of Government grants not recognized during the previous year as income and reasons thereof.

ICDS-8
No disclosure is required.

ICDS-9
The following disclosure shall be made in respect of borrowing costs, namely:

(a) the accounting policy adopted for borrowing costs; and
(b) the amount of borrowing costs capitalized during the previous year.

ICDS-10
Following disclosure shall be made in respect of each class of provision, namely:

(a) a brief description of the nature of the obligation;
(b) the carrying amount at the beginning and end of the previous year;
(c) additional provisions made during the previous year, including increases to existing provisions;
(d) amounts used, that is incurred and charged against the provision, during the previous year;
(e) unused amounts reversed during the previous year; and
(f) the amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement.

Following disclosure shall be made in respect of each class of asset and related income recognized as provided in para 11, namely:

(a) a brief description of the nature of the asset and related income;
(b) the carrying amount of asset at the beginning and end of the previous year;
(c) additional amount of asset and related income recognized during the year, including increases to assets and related income already recognized; and
(d) amount of asset and related income reversed during the previous year