Disclosure requirement under ICDS 1, 2

ICDS: 1 1. All significant accounting policies adopted by a person shall be disclosed. 2. Any change in an accounting policy which has a material effect shall be disclosed. 3. Where such amount is not ascertainable, wholly or in part, the fact shall be indicated. 4. 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.
ICDS: 2 The accounting policies adopted in measuring inventories including the cost of formulae used. The total carrying amount of inventories and its classification appropriate to a person

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