Accounting Standards & Bookkeeping — Guides, Updates & Practical Insights

AS 1 Disclosure of Accounting Policies: Meaning, Assumptions and Examples

AS 1 (Accounting Standard 1) issued by ICAI deals with disclosure of significant accounting policies adopted in the preparation and presentation of financial statements. This guide explains the three fundamental accounting assumptions — going concern, consistency and accrual — the nature and selection of accounting policies, and disclosure requirements under the Companies Act 2013.