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As 05

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  • 1. ACCOUNTING STANDARD - 5 NET PROFIT OR LOSS FOR THE PERIOD , PRIOR PERIOD ITEMS AND CHANGES IN ACCOUNTING POLICIES. J.P., KAPUR & UBERAI
  • 2. RELEVANT DEFINITIONS
    • Ordinary activities are any activities and other incidental activities which are undertaken by an enterprise as part of its business.
    • Extraordinary items are income or expenses that arise from non recurring events and transactions.
    • Prior period items are income or expenses, which arise, in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods.
    • Accounting policies are the specific accounting principles and the methods of applying those principles in the preparation and presentation of financial statements.
    J.P., KAPUR & UBERAI
  • 3. DISCLOSURE REQUIREMENTS
    • Extraordinary items : The nature and the amount of each extraordinary item should be separately disclosed in the statement of profit and loss in a manner that its impact on current profit or loss can be perceived.
    • Ordinary items : When items of income and expense from ordinary activities are of such size , nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such items should be disclosed separately.
    J.P., KAPUR & UBERAI
  • 4. DISCLOSURE REQUIREMENTS- CONTD.
    • Prior period items : The nature and amount of prior period items should be separately disclosed in the profit and loss statement in such a way that their impact on the current profit or loss can be perceived.
    • Accounting estimates : The nature and amount of a change in an accounting estimate which has a material effect in the current period or which is expected to have a material effect in subsequent periods, should be disclosed. If the effect cannot be quantified, this fact should be disclosed.
    • Accounting policies : The effect of any change in an accounting policy, if material, should be disclosed in the financial statements of the period quantifying the impact. Where the effect cannot be quantified, wholly or in part, the fact should be disclosed.
    J.P., KAPUR & UBERAI