As per AS-1 of the ICAI on disclosure of accounting policies, the following are examples of the areas in which different accounting policies may be adopted by different enterprises:
(a) Methods of depreciation, depletion and amortisation;
(b) Treatment of expenditure during construction;
(c) Conversion or translation of foreign currency items;
(d) Valuation of inventories;
(e) Treatment of goodwill;
(f) Valuation of investments;
(g) Treatment of retirement benefits;
(h) Recognition of profit on long-term contracts;
(i) Valuation of fixed assets;
(j) Treatment of contingent liabilities.
The above list of examples is inclusive and is not intended to be exhaustive.