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.
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changes in accounting policy
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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.
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