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CS Executive · Corporate Accounting and Financial Management · Introduction to Corporate Accounting

Ind AS 1 does not itself define 'accounting policies' in its list of defined terms. Where is the meaning taken from?

Ind AS 1 takes the meaning of accounting policies from Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, specifically its paragraph 5. The term is used in Ind AS 1 with the same meaning, so Ind AS 1 does not provide a separate definition.

  1. AFrom Section 133 of the Companies Act, 2013
  2. BFrom the definition in Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, used with the same meaningCorrect
  3. CFrom the articles of association of the reporting company
  4. DFrom the guidance notes issued by the stock exchange

Explanation

In the definitions paragraph, Ind AS 1 states that accounting policies are defined in paragraph 5 of Ind AS 8 and the term is used in Ind AS 1 with the same meaning. Section 133 deals with prescribing standards, not defining the term.

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