ICDS- INCOME COMPUTATION & DISCLOSURE STANDARDS -2023

DIVISION I

Financial Reporting Framework & ICDS

Chapter 1       Financial Reporting Framework — An Introduction

Chapter 2       Income Computation and Disclosure Standards — An Introduction           

Chapter 3       Rationalisation of Provisions of Section 115JB in line with Indian Accounting Standard (Ind-AS)                                                                                         

DIVISION II

Income Computation & Disclosure Standards

Chapter 1       Income Computation & Disclosure Standards                                              

A.  Income Computation and Disclosure Standard I relating to accounting policies           

B.  Income Computation and Disclosure Standard II relating to valuation of inventories   

C.  Income Computation and Disclosure Standard III relating to construction contracts    

D.  Income Computation and Disclosure Standard IV relating to revenue recognition       

E.   Income Computation and Disclosure Standard V relating to tangible fixed assets        

F.   Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates                                                     

G.  Income Computation and Disclosure Standard VII relating to government grants        

H.  Income Computation and Disclosure Standard VIII relating to securities         

I.    Income Computation and Disclosure Standard IX relating to borrowing costs 

J.    Income Computation and Disclosure Standard X relating to provisions, contingent liabilities and contingent assets                                        

Chapter 2       Form 3CD Clause by Clause Analysis                                   

DIVISION III

Chapter 1       Income Computation and Disclosure Standards vis-à-vis Judicial Precedents         

Chapter 2       ICDS (Revised) v AS                                                            

Chapter 3       ICDS (Revised) v Ind AS                                                     

Appendix 1    Tests for Distinction between Shares held as Stock-in-Trade and Shares held as Investment                                                                                               

Appendix 2    Chargeable as — Distinction between Shares held as Stock-in-Trade and Shares held as Investments — Tests for such a Distinction                          

Appendix 3    Issue of Taxability of Surplus on Sale of Shares and Securities — Capital Gains or Business Income — Instructions in Order to Reduce Litigation         

Appendix 4    Clarifications on Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961