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ICDS, Indian GAAP and Ind AS Comparison - Deloitte

ICDS, Indian GAAP and Ind AS Comparison May 2015 ContentsIntroduction to Income Computation and Disclosure StandardsIntroduction to Indian Accounting StandardsComparison of ICDS, Indian GAAP and Ind AS23 ICDS, Indian GAAP and Ind AS Comparison 3 Introduction to Income Computation and Disclosure StandardsIncome Computation and Disclosure Standards notified for computation of taxable incomeOn 31 March 2015, the Central Board of Direct Taxes ( CBDT ) notified the Income Computation and Disclosure Standards ( ICDSs ) which will come into effect from 1 April 2015 and shall accordingly apply for assessment year 2016-17 on notified ICDSsA draft of 14 Tax Accounting Standards were first issued in August 2012. However, these were revised further and 12 draft ICDSs were issued in January 2015 for public comments. By way of above notification, 10 ICDSs were finalised excluding the standards on Leases and Intangible Assets.

appropriate presentation of the financial statements on a prospective basis (unless transitional provisions, if any, of an accounting standard require otherwise) together with a disclosure of the impact of the same, if material. If a change in the accounting policy has no material effect on the financial statements for the current

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