Material Accounting Policy Information | Amendments to Ind AS 1 effective from 1 April 2023

This video discusses the need for the amendment, what is material accounting policy, its interaction with paragraph 8 of Ind AS 8 and explains other amendments made to support material accounting policy information. The video also includes examples on application of the amendments. Kindly make it a point to see the video till the end as application of the amendments are explained later.
The amendments have the potential to reduce the accounting policy information by more than one-half. Though one may say this is related to disclosure only and therefore has no impact, in our view, notes is one of the component of financial statements and Ind AS 1 requires equal prominence to be given to all components. Therefore, one cannot ignore the amendments only in notes as not important.
The amendments will be effective from 1 April 2023. Therefore, it would not impact the accounting policy disclosure in financial statements for the year ended on 31 March 2023. However, the company shall have to specify whether the amendments would result in any change in accounting policy information in accordance with paragraphs 30 and 31 of Ind AS 8.

[@rakeshsaikia9209]

Very nicely explained. Very lucid.