AS – 1- Disclosure of Accounting Policies

Sr. DESCRIPTION YES NO N/A REMARKS

No.

1. Whether all the significant accounting policies

adopted in the preparation and presentation of
financial statements have been disclosed?

2. Whether the disclosure of the significant

accounting policies as such forms part of the
financial statements?

3. Whether all the significant accounting policies

have been disclosed at one place?

4. Whether all the change in the accounting policies

which has a material effect in the current period
has been disclosed?

5. Where the change in the accounting policies is

reasonably expected to have a material effect in
later periods, whether the fact of such change has
been appropriately disclosed in the period of
adoption of change?

6. In the case of a change in accounting policies

which has a material effect in the current period:

(i) Whether the amount by which any item in the

financial statements is affected by such
change has been ascertained and disclosed?

(ii) Where such amount is not ascertainable,

wholly or in part, whether such fact has been
indicated?

7. (i) Where the fundamental accounting

assumption of ‘going concern’ has not been
followed whether the fact has been
disclosed?

(ii) Where the fundamental accounting

assumption of ‘consistency’ has not been
followed whether the fact has been
disclosed?

(iii)Where the fundamental accounting

assumption of ‘accrual’ has not been
followed, whether the fact has been
disclosed?

8. Announcement

Where a company has been given specific

exemption regarding any of the following matters,
whether the fact of such exemption has been
adequately disclosed in the accounts?

(i) Accounting policies required to be disclosed

under Schedule VI or any other provisions of
the Companies Act, 1956.
Sr. DESCRIPTION YES NO N/A REMARKS
No.

(ii) Accounts have to be prepared on accrual

basis.

(iii) The fundamental accounting assumption of

going concern has not been followed and
such fact has to be disclosed in the financial
statements.

(iv) Proper disclosures regarding change in the

accounting policies have to be made.