An overview on ICDS

2. 1. Background ;
2. Applicability of ICDS ;
3. Key Features of ICDS ;
4. List the ICDS Notified
with the accounting
comparable;

3. 5. Key Impact Area ;
6. Summarized list of ICDS
(or TAS) are below ;
7. Conclusion.

4. CBDT vide its
Notification
No:32/2015
dated 31-03-
2015 notified 10
Income
Computation
and Disclosure
Standards(ICDS)

18. ICDS No.
• I
• II
• III
• IV
• V
NAME
• Accounting
Policies
• Valuation of
Inventories
• Constructio
n Contract
• Revenue
Recognitio
n
• Tangible
Fixed Asset
Equivalent
New IND-AS
No.
• 1
&
8
• 2
• -
• -
• 16
Equivalent
AS No.
• 1
• 2
• 7
• 9
• 1
0

19. ICDS No.
• VI
• VII
• VIII
• IX
• X
NAME
• Effects of
changes in
foreign
exchange rates
• Government
Grants
• Securities
• Borrowing
Costs
• Provisions,
contingent
liabilities and
contingent
assets
Equivalent
New IND-AS
No.
• 21
• 20
• 32
• 23
• 37
Equivalent
AS No.
• 11
• 12
• 13
• 16
• 29

34. A. Accounting
Policies
B. Valuation of
Inventories
C. Construction
Contracts
D. Revenue
recognition
H. Securities
G. Government
grants
F. Effects of
changes in
foreign
exchange rates
E. Tangible
fixed assets
I. Borrowing
costs
J. Provisions,
Contingent
liabilities &
assets
K. Leases
L. Intangible
assets