⭐ Important points (exam-critical)
- ⭐AS-1 (Disclosure) mandates disclosure of all significant accounting policies in one place.
- ⭐Substance over form: prefer economic reality over legal form.
- ⭐Materiality threshold typically 5% of relevant base.
- ⭐Carve-outs make Ind AS slightly different from IFRS (e.g., FCTR on translation).
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