Please state the relevant para(s) of Ind AS 8, according to which disclosure of changes in accounting policy (as the earlier policy was
not in line with the provisions of Ind AS) as well as impact of change is required to be given in the Financial Statements.
Menu
changes in accounting policy
Replies (1)
Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" unlike AS 5, requires that any change in the accounting policy should be accounted for, with retrospective effect. i.e. all comparative information, opening balances and current year figures have to be restated to bring them in line with new policy.
Please refer the Paragraphs 28 to 31 of the Ind AS 8 as they deal with the Disclosure requirements in the situation of Changes in Accounting Policies.
Recent Topic
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
Related Topics
CAclubindia
