Question

AS-1 requires the significant accounting policies _________.

• A. Should be disclosed at one place
• B. Need not be disclosed at all
• C. May be disclosed selectively at the discretion of the management
• D. Should not form part of published accounts

Answer 1

The correct option is A Should be disclosed at one place

AS-1 issued by the the Institute of Chartered Accountants of India deals with what, where, which and how the accounting policies should be disclosed. Such disclosure will help the users of the financial statements to understand the various treatments effectively.