The Standard Stance - An expert insight into key accounting matters_November 2023

The Accounting Advisory Services (AAS) team at BDO India is pleased to share, 'THE STANDARD STANCE' - An expert insight into key accounting matters. Each monthly issue of the publication will spotlight and discuss a key accounting matter noteworthy for organisations to stay ahead in their business journeys.

This issue of THE STANDARD STANCE, DISCLOSURE OF MATERIAL ACCOUNTING POLICIES, highlights the key amendments that need to be considered by companies for accounting under Ind AS 1.

Indian Accounting Standards have been amended to require disclosure of 'material accounting policies' from 2023-24, aligning with global standards. Emphasis has been laid on entity-specific policies for significant judgment areas, urging companies to draft them early due to potential increases in efforts later.