Same difference

Addressing a conference on recent changes in financial reporting, a senior official of the Central Board of Direct Taxes explained at length why the department had to bring in a new standard for computing taxable income, the Income Computation and Disclosure Standards (ICDS). Taxable income for the same company would be different if it followed the new accounting standard, earlier called Ind AS or Indian Accounting Standards, than under the existing accounting standard. "But like a father having two sons, we have to maintain equity. We can't treat them differently - therefore we introduced ICDS," the official added. Someone from the audience asked, "Would you have brought in another standard if one of the children was a girl?" The official responded with a grin.