Key Features of new draft Income Computation and Disclosure Standards ('ICDS')

Jan 13,2015

CBDT indicates April 1, 2015 as deadline to implement new Income Computation and Disclosure Standards (ICDS); While issuing 12 draft ICDS, CBDT drops 2 draft Tax Accounting Standards (TAS) relating to ‘Events Occurring After the Previous Year’ and ‘Prior Period Expenses’ issued couple of years ago; Revised standard on ‘The Effects of Changes in Foreign Exchange Rates’ provides for treatment of foreign exchange difference along w...

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