Draft ICDS Disclosures – Clause 13(f) of Form 3CD

Sr. No

ICDS

Disclosure

1

ICDS I – Accounting Policies

Refer Significant Accounting Policies mentioned in Notes to Financial Statements

2

ICDS II – Valuation of Inventories

The closing stock is valued at cost price (including cost of purchase, conversion and other direct cost) or net realizable value, whichever is lower.  

The carrying amount and classification of inventories are disclosed in schedule/notes to balance sheet.

3

ICDS III – Construction Contracts

ICDS related to construction contracts is not applicable.

OR

Amount of contract revenue recognized as revenue and details of contracts in progress at reporting date are disclosed in notes/ schedule to financial statements

4

ICDS IV – Revenue Recognition

There are no transactions involving sale of goods where revenue is not recognized due to lack of reasonably certainty of its ultimate collection. The revenue from sale of service transactions recognised as revenue is reported separately and is included in the Profit & Loss account. There is no service transaction in progress at the end of the year. The assessee has followed exclusion method for revenue recognition and there is no impact in income computation.

5

ICDS V – Tangible Fixed Assets

The disclosures regarding ICDS related to Tangible Fixed Assets have been made against clause no. 18 of Form No. 3CD.

6

ICDS VII – Governments Grants

As there is no government grant received by the assessee, ICDS related to Government grants is not applicable.

OR

The assessee has received Government grant of Rs.____ as (nature of grant) and the same is recognized  during the previous year by way of deduction from the actual cost of the asset or assets or from the written down value of block of assets or as income during the previous year (modify as applicable)

Also, Rs.____   of government grant is not recognized during the year as income on account of (describe reason)

7

ICDS IX – Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset shall be capitalised as part of cost of that asset.

No borrowing cost has been capitalised during the previous year. OR For borrowing cost capitalized during the year, refer notes to financial statements.

8

ICDS X – Provisions, Contingent Liabilities and Contingent Assets

There is neither Contingent Assets nor Provision for the period. Kindly note that amount payable on PF, ESI, TDS, GST etc. are treated as liability. Therefore, the disclosures of ICDS-X are not applicable to the assessee.

OR

The movement of Provision and Contingent Assets alongwith nature thereof are disclosed in note to financial statements.