What are the disclosure requirements with regard to 'Significant Accounting Policies'?

To ensure proper understanding of financial statements, it is necessary that all significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed. It would be more helpful if these disclosures are at one place instead of being scattered over several statements, schedules and notes. In respect of disclosure of accounting policies, company need to follow the following principles. All significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed. The disclosure of the significant accounting policies as such should form part of the financial statements and the significant accounting policies should normally be disclosed in one place. Any change in the accounting policies which has material effect in the current period of which is reasonably expected to have a material effect in later periods should be disclosed. In the case of a change in accounting policies which has a material effect in the current period, the amount by which any item in the financial statements is affected by such change should also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact should be indicated. If the fundamental accounting assumptions, viz. Going Concern, Consistency and Accrual are followed in financial statements specific disclosure is not required. If any of the fundamental accounting assumption is not followed, the fact should be disclosed.