Accounting Standard Revises on Net Profit or Loss for the Period
Net Profit or Loss for the Period 89
Accounting Standard (AS) 5
(revised 1997)
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
Contents
OBJECTIVE SCOPE DEFINITIONS NET PROFIT OR LOSS FOR THE PERIOD Extraordinary Items Profit or Loss from Ordinary Activities Prior Period Items Changes in Accounting Estimates CHANGES IN ACCOUNTING POLICIES Paragraphs 1-3 4 5-27 8-11 12-14 15-19 20-27 28-33
90 AS 5 (revised 1997)
Net Profit or Loss for the Period 85
Accounting Standard (AS) 5*
(revised 1997)
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
[This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective, the Preface to the Statements of Accounting Standards 1 and the ‘Applicability of Accounting Standards to Various Entities’ (See Appendix 1 to this Compendium).]
Objective
The objective of this Standard is to prescribe the classification and disclosure of certain items in the statement of profit and loss so that all enterprises prepare and present such a statement on a uniform basis. This enhances the comparability of the financial statements of an enterprise over time and with the financial statements of other enterprises. Accordingly, this Standard requires the classification and disclosure of extraordinary and prior period items, and the disclosure of certain items within profit or loss from ordinary activities. It also specifies the accounting treatment for changes in accounting estimates and the disclosures to be made in the financial statements regarding changes in accounting policies.
Scope
1. This Standard should be applied by an enterprise in presenting profit or loss from ordinary activities, extraordinary items and prior
* A limited revision was made in 2001,
Accounting Standard (AS) 5
(revised 1997)
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
Contents
OBJECTIVE SCOPE DEFINITIONS NET PROFIT OR LOSS FOR THE PERIOD Extraordinary Items Profit or Loss from Ordinary Activities Prior Period Items Changes in Accounting Estimates CHANGES IN ACCOUNTING POLICIES Paragraphs 1-3 4 5-27 8-11 12-14 15-19 20-27 28-33
90 AS 5 (revised 1997)
Net Profit or Loss for the Period 85
Accounting Standard (AS) 5*
(revised 1997)
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
[This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective, the Preface to the Statements of Accounting Standards 1 and the ‘Applicability of Accounting Standards to Various Entities’ (See Appendix 1 to this Compendium).]
Objective
The objective of this Standard is to prescribe the classification and disclosure of certain items in the statement of profit and loss so that all enterprises prepare and present such a statement on a uniform basis. This enhances the comparability of the financial statements of an enterprise over time and with the financial statements of other enterprises. Accordingly, this Standard requires the classification and disclosure of extraordinary and prior period items, and the disclosure of certain items within profit or loss from ordinary activities. It also specifies the accounting treatment for changes in accounting estimates and the disclosures to be made in the financial statements regarding changes in accounting policies.
Scope
1. This Standard should be applied by an enterprise in presenting profit or loss from ordinary activities, extraordinary items and prior
* A limited revision was made in 2001,