What are the disclosures required of accounting policies in ICDS-I?
Following disclosures are required to be made in Form 3CD in respect of accounting policies:

(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. Where it is possible to ascertain the effect, the amount by which any item is affected by such change shall be disclosed. Where it is not possible to ascertain the effect, whether wholly or in part, the fact shall be indicated;

(c) Any change in an accounting policy which does not have a material effect in the current previous year but which is reasonably expected to have a material effect in later previous years, then such change shall be disclosed in both the years – the year in which change is adopted and year in which such change has material effect for the first time; and

(d) Where fundamental accounting assumptions are followed, no specific disclosure is required. However, where these assumptions are not followed, the fact shall be disclosed.